I have been working overseas, and my one year contract is over with. Will I be able to get financing without a present job?
I am a Trucker, and a Carpenter for most of my life, jobs were usually temporary by nature. No I am not "self-employed"(should I become "self-employed"? -to help the process?) I plan on taking next year off. but I would like to purchase a cheesy little cabin in the mountains when I return.
If I declared myself self-employed do I need a document? or just my past W2(s) (in which clearly shows that I have NOT been self employed?
dkrg04 said:
Apr 24, 09 at 2:30 amGood luck in finding a stated income program unless you have credit scores in the high 700’s and above with 6-12 months verifiable liquid reserves…then you could probably get a "no doc" loan…if not, then I’d get a job and if you aren’t presently self employed, then don’t become self-employed….obtain employment with a company in the same line of work that you are presently doing…..
christmas_here_i_come__ said:
Apr 24, 09 at 4:26 pmyour past w2’s should help a lot along with bank statements… i know a really great broker that i’m sure could help you out (he helped me out in my twisted situation…) send me a message if you want more info… i’m not trying to scam you, i just want to refer a great broker that could probably help you out, but don’t want to put all of his info. out here wide open on the forums!!!
Mary_B said:
Apr 24, 09 at 5:45 pmNo, you cannot get a loan without a job. There used to be something called "no doc" loans where you could get one with excellent credit, but all of my resources have shut down those programs.
Yes, your tax returns will give you away as not being self-employed.
You can’t get a stated income loan because you don’t have a job…remember that the keyword is "stated income" and not "stated job"..so they will still do an employment verification.
Sorry, you need to get a job for one more year to qualify. Temporary jobs are ok, and a form of self-employment, if there is a 2 year history.
Mr_Hildenbrand said:
Apr 24, 09 at 8:51 pmYou can probably find a mortgage company that will do what’s called a "stated" loan, so you won’t have to prove your income…shouldn’t be a problem unless your credit is.
Downside to going "stated" instead or providing wage stubs is probably a higher interest rate or closing fees, so shop around for the best deal.