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Me and my gf are both 21yrs old and we want to move to Austin or in that area. I have good credit she has none. The problem is I worked off the books for the last 5yrs so I don't have any verifiable work history. If we put down 15-20% on a 60k house what are the chances of getting a mortgage? We wont have any jobs lined up, we can pay the loan we just cant prove it. If there's no chance well get it how about if we have someone older with excellent credit co sign?
I would rent as cheap as you can for at least a year, get jobs, build up your credit, study the Austin area or wherever you end up for the best deals and best neighborhoods. Even if you qualify for a mortgage, you need to spend some time and learn the landscape of a new destination. Don't go in cold and make a decision that you will later regret.
1. You may want to post in the Austin forum about the likelihood of finding a $60k home there, too.....
2. Do not buy a home with gf without a written agreement that is legally binding explaining what you two will do with the home if you break up. Protect yourselves.
3. Unless you're making an all-cash offer it's going to be all but impossible to get a loan when you have no W2's or 1040's to state your income. Also, starting the loan process could very well bring to the fed's attention that you are guilty of tax evasion.
I just closed on a house purchase. What I can tell you --- if nothing else, per the Patriot Act, you have to vouch for where your money is coming from. It can't "just appear" in the bank account. So, you'll have to disclose that both you and your employer are breaking the law.
Careful what you wish for.... there are consequences for every action, both good and bad. Just be sure you can live with the potential consequences of attempting to buy with your current situation.
So, after all this and you still decide you want to buy, you could search for a home that is Owner financed. They tend to be higher in interest, but lots of people who don't have verified income use that option to buy.
To be honest, I'd be more worried about whether you're really ready to own a home, rather than whether you can get somebody to give you a mortgage. It's always better to wait until you're truly ready or it can turn out to be a traumatic experience, as we've seen with all the foreclosures. And being able to get a mortgage is no gurantee that you can handle the expenses of owning a home.
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