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Where can I find paid or volunteer work abroad?

Can I buy a house if my only income is from reimbursed volunteer work?

  • I work as a volunteer driver and am reimbursed 44 cents a mile for all of my work (usually 300 miles or more a day 5-6 days a week) but am not considered an employee of the non profit agency I am volunteering with. I usually make over $600 a week and am interested in buying a home for $40k that is for sale in my area. I have a credit score of 621 and also have 3.5% down payment that an FHA loan would require. I was unemployed for several months and unable to find traditional employment so I started the paid volunteer position just a few weeks ago. If I were to stay with this position long term is there any chance I can get a mortgage with this type of income? I am already paying $600 a month for rent plus all my utilities so a mortgage for $40k shouldn't be a problem at all... any thoughts?

  • Answer:

    The only income that counts is taxable income, so no, you will never be able to buy a house with no taxable income.

Benjamin at Yahoo! Answers Visit the source

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I strongly believe that with FHA you not only have to put the 3.5% down you also have to pay closing costs, insurance upfront. All the savings you have is the 3.5% down? With a score of 620 you can qualify for FHA. Get a home inspector to check the home - not one by the realtor - one you choose on your own. They will tell you if the house has a roof that is about to cave in, if there are termites, or if the foundation is falling apart. Go to a bank - and get pre-approved for your mortgage. This is a free service offered by banks. Do not let them scam you into an ARM, interest only, or any variable rates. Fixed only. Go to bankrate.com so you can see current mortgage rates. Do not open any new credit for 6 months before applying for a loan. Do not close old credit card accounts - just make sure they are paid in full. /

Go with the flow

Unless you save up a 20% down payment, your type of income is not going to pass muster. You need to get a regular job or find a private lender. Some sellers who have their homes fully paid for will sell with a 10-20% down payment and carry the financing themselves.

Sharon T

If you have pay stubs or some kind of documentation supporting the amount you say is your income, it should be okay. The only problem that you might get is that a lender would say it's not stable income - you could make X one week but Y the next. The lender will want to look at your previous two years of tax returns to substantiate the income you say you are receiving. You say you are married - is your husband working? Because if he is, then you will be able to count his income toward a loan as well, which will increase your chances of getting one. The only problem I could foresee is that with a $40K house, that is a small loan by some lender's standards. Not all lenders are willing to loan small amounts (because they don't make as much money), so if you are able to qualify for a loan it may be at a higher interest rate. The best thing you can do if you really want to know if you could qualify for the loan is talk to a lender. You can go to whatever bank you bank at and ask them.

lightupthesky25

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