Lost my job 2 years, been doing odd ends projects here and there. But nothing substantial, no W-2 either. Job market stinks right now.
I plan to sell my home. Approximately valued at $1m. I plan on purchasing something much smaller for $400k.
Would I have any issues buying an apartment with no job/income, even if I'm able to cover the cost for the apartment? I'll pay cash.
Would HOA approve of this? Or would there be hurdles since no income?
I'm in New Jersey.
Can I purchase an Apartment/condo cash. But with no income coming in?
byu/Rep2019 inRealEstate
Posted by Rep2019
2 Comments
If you buy a co-op, they would need to approve you based on financials. If you buy a regular townhome or condo, that should be no issue. Just pay your monthly dues or they could attempt to foreclose on you.
Typically, an HOA does not have any say over purchases within the association. If you were looking at a co-op this may be an issue, but you should not have any problem moving forward with a cash purchase in an HOA, regardless of lack of income.