A secure loan advise

[Helpinvesting]

Hi

I just moved to Arizona from California ... I'm actively looking for a property.

I have $110 cash and I have been having issues finding a nice property that I like ..

Today I went to my bank Wells Fargo and they could not qualify me for a mortgage or a person alone or any line of credit since I don't have history with them although my credit score is 816.

In California I was doing Spanish tutoring and I was being paid cash , and I have a small company that the income is not stable ...

wells fargo is offering me a secure personal loan where they will hold 40,000 from my savings and they will give me a personal loan with 5.6 %interest rate ... the CD as a collateral 0.40 interest ...... this is so confusing to me!!!

I'm just thinking that I'm just going to buy a property for $110 because I don't have the study income

Please give me an advice

Thank you so much

[disneysteve]

If you have no steady income, how are you determining how much you can afford to spend for a house? How will you pay a mortgage, taxes, insurance, maintenance?
If you do spend your 110K to buy a house, will you still be left with at least a 6-month emergency fund? Really, I'd recommend more like a 1-year emergency fund given that you don't have a steady income. It would kind of suck to have a nice home and no money to put food on the table.

I think you need to get your work situation stable first before you go buying a house.