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Finding a Loan without a Job?

Posted on: Fri, 06/11/2010 - 16:32
Finding a Loan without a Job?

Hello...
We tried to get a loan (30 year fixed) from 2 different banks, and both required at least 10% down. The deposit isn't an issue. The obstacle I face is that I do not have a job. I am a stay at home dad, and run a small bike shop out of the garage. Both of these are jobs but not on paper! My wife will be on the loan and her annual salary is aprox $33k or so. My credit score is at 690, and our $200k home is paid in full. Both cars are paid off, no credit card balances, and no other outstanding balances are due. The bank doesn't want to even give us a loan, (even though we are in good finance standing) since I don't have an income. We have more than $30k in the bank, which is what I am living on until I can find a another job. I want my new career to be real estate investing with the help of Dean's program. How can I proceed if I can't get a loan? Can anyone refer me to an excellent agent/bank in the Phoenix/Prescott Arizona area? Any suggestions would be great, thanks.........Jeff

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Posted on: Fri, 06/11/2010 - 16:45 #1
how to do it.

All you have to do is find and amazing deal and then find either a hard money lender from deans book or an investor.

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Posted on: Fri, 06/11/2010 - 16:59 #2
..

screamin07 wrote:
All you have to do is find and amazing deal and then find either a hard money lender from deans book or an investor.

Thanks, but I want to get pre-approved before looking at houses.


Posted on: Fri, 06/11/2010 - 17:06 #3
Good for you. You have 30k

Good for you. You have 30k in your bank. You don't have to touch any of your 30k nor a loan if you do Wholesaling/assignment. No pre approval needed as well. You have one of the most beautiful situation to start up an REI Career in this goup. Blessings to all. LA

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Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-


Posted on: Fri, 06/11/2010 - 18:01 #4
..

lrababao wrote:
Good for you. You have 30k in your bank. You don't have to touch any of your 30k nor a loan if you do Wholesaling/assignment. No pre approval needed as well. You have one of the most beautiful situation to start up an REI Career in this goup. Blessings to all. LA

Thank you for that idea, I will read the lease options/locking up deals chapter again!!

Can anyone refer me to an excellent loan agent or bank in the Phoenix/Prescott Arizona area?


Posted on: Fri, 06/11/2010 - 18:30 #5
Assignments

Good job on saving up 30k. As someone else said you can do assignments. You can build some money up this way and you don't need any of your own credit or money.

Jeremy

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This train, Faith will be rewarded
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Posted on: Fri, 06/11/2010 - 19:19 #6
..

Once again, thanks for your help/idea but I'm really
just trying to get this question answered:

Can anyone refer me to an excellent loan agent or bank in the Phoenix/Prescott Arizona area?


Posted on: Sat, 06/12/2010 - 13:26 #7
Hyperly

Mike Rohan works in Dean's finance center there in Phoenix. You might want to get onto Deans finance center on the first page over to the left hand side and send him a message about your problem. Mike has a ton of experience in these matters and would be able to point you in the right direction. Hope this helps...Jan


Posted on: Sat, 06/12/2010 - 16:17 #8
Nice!!

Jan Malek wrote:
Mike Rohan works in Dean's finance center there in Phoenix. You might want to get onto Deans finance center on the first page over to the left hand side and send him a message about your problem. Mike has a ton of experience in these matters and would be able to point you in the right direction. Hope this helps...Jan

Thanks for the info Jan.
I will make a few phone calls this afternoon.
~Jeff


Posted on: Sat, 06/12/2010 - 21:37 #9
No Problem

Hope this info helped you out. Mike has a ton of experience here...Jan


Posted on: Sat, 06/12/2010 - 21:54 #10
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Posted on: Tue, 06/15/2010 - 18:59 #11
Finding a loan without a job

There are all types of mortgage lenders out there. Shop around. Banks do tend to be the most conservative mortgage lenders. Lenders look at primary and secondary repayment sources. The primary is your monthly income. With one verifiable income they should still consider making a loan but it will be small based on the $2,750 montly income. Most lenders like to keep mortgage payment to income at 28%. In this case $770 ($2,750 x .28) maximum mortgage payment. At 6% interest on a thirty year term you could qualify for around $130,000. Lenders have different policies so keep looking. All the other comments are exactly right, use other people's money and credit before your own. Be creative.

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