john asked:
heres my situation. im 21 years old and in 2008 i was still dependent on my parents. but in 2009 i made quite a bit of money from poker and its gonna be my first time filing independently. after paying all taxes, in early 2010 i should have about $300k in liquid cash that i don’t mind putting all down on a house. if i want to buy a $600k house, and want to put $300k down at once, what are my chances of getting approved by the bank with only 1 year of proof of tax history/proof of income?? should i just put it off til i can afford to put 75% down? are my chances better the more i can put down on my initial deposit?? i expect to make a min of 400k/year for the next couple of years so i’m pretty sure i can pay off 300k+interest in a min of 2 years, although i know it would be hard to prove to a bank that cause i play cards for a living. my goal will also be paying off the mortage ASAP so i can own the house 100% faster, it’s not gonna take me 15 years to pay it off, i’m pretty sure at WORST it’ll take 5 years. do you real estate agent gurus think i have a chance to get the loan?? also i have good credit history.
heres my situation. im 21 years old and in 2008 i was still dependent on my parents. but in 2009 i made quite a bit of money from poker and its gonna be my first time filing independently. after paying all taxes, in early 2010 i should have about $300k in liquid cash that i don’t mind putting all down on a house. if i want to buy a $600k house, and want to put $300k down at once, what are my chances of getting approved by the bank with only 1 year of proof of tax history/proof of income?? should i just put it off til i can afford to put 75% down? are my chances better the more i can put down on my initial deposit?? i expect to make a min of 400k/year for the next couple of years so i’m pretty sure i can pay off 300k+interest in a min of 2 years, although i know it would be hard to prove to a bank that cause i play cards for a living. my goal will also be paying off the mortage ASAP so i can own the house 100% faster, it’s not gonna take me 15 years to pay it off, i’m pretty sure at WORST it’ll take 5 years. do you real estate agent gurus think i have a chance to get the loan?? also i have good credit history.
also, should i even bother looking at houses to buy in late 09/december so i could get the $8k rebate?? again as of 2009 i have ZERO tax records cause my parents filed for me in 08. although i could put $300k down in cash right now no problem, only thing i have for proof of income
right now are my bank statements showing the bank wires, would that suffice or am i better off paying the taxes first and using that as proof??
Rosa
Amber
Walk into a bank and ask. They won’t charge you for it.
However, I’d say there’s a great chance. Here’s why:
1: You have 50% down. That’s a huge benefit. Banks will approve people with no down, and the norm is 20%.
2: You have proven earning potential. If you’re 21 and walking in with 300k, there’s no reason for them to think you won’t make that amount again.
Dean
With the kind of money you’re talking about, why not buy a $300 grand property and have no debt to carry. Have you figured the interest you will pay on that loan. Also have you taken into consideration that your earning power my be diminished, or dry up all together?
You play cards for a living and you want to depend on money you will “earn” in the next 5 to 15 years? That is the worst plan I have ever heard. You are too naive. It’s ok, we were all young and dumb once.
Why don’t you just go see a banker. Good luck with that.
Kristin
Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.
A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.
Bryan
A lot would depend on things like
Do you need some tax writeoff? Interest on a mortgage is one of the few real benefits of having one, since it’s always deductible.
Do you really need a 600K house or would a 300K one serve your needs? Remember that, besides loan interest, you’ll also be paying higher taxes on the more expensive home.
What is the market like where you live and how long do you anticipate keeping the home? If you’re going to flip it in just a few years, you’d be far better off buying outright rather than pay interest for several years with next to nothing going against principal.
Craig
The only chance you have is with a hard money loan.
No matter how much money you put down you do not qualify under traditional mortgage guidelines.
You are self-employed and that requires a minimum of 2 years with full tax returns.
Good luck