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#440295 - 10/26/14 06:40 AM Lots of assets, no debt, high credit scores, low income-how 2 get a mortgage
walkinthepark Offline
Junior Member

Registered: 10/26/14
Posts: 4
Loc: Florida
We've worked hard all our life, now retired and want to buy our "forever home". We own free & clear: 4 vehicles(3 are antiques) and a rental house worth 150K that we rent to my son in cash very cheap (long story). We have no credit card debt (pay off each month), credit scores over 805, and owe 40K on our primary residence that has recently been appraised at 160K. We show my husband's SS at $1150/month. We absolutely do not want to sell our primary residence before we find and have contract on our new home. How do we qualify for a mortgage of approx. $175K? Any programs out there to help us?

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#445335 - 05/04/15 06:15 AM Re: Lots of assets, no debt, high credit scores, low income-how 2 get a mortgage [Re: walkinthepark]
Nashville Homes Offline
Member

Registered: 07/25/13
Posts: 113
Loc: Nashville, TN
Perhaps a lender who might be able to help you if you liquidate some of your assets and purchase in mostly-cash? That seems like your best option.

Seeing as you're IN Florida, are you also looking to buy in Florida? If it's in the Miami area in general, you may want to contact the agent working here: http://www.miamihouselistings.com/ who might be able to assist? I'm out of the state but I'll see what can be done to assist.

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#445340 - 05/05/15 01:39 AM Re: Lots of assets, no debt, high credit scores, low income-how 2 get a mortgage [Re: walkinthepark]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2238
Loc: Outer Banks
You are going to have to eventually talk to a lender so you might as well talk to 3 or 4 of them now.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#445341 - 05/05/15 02:07 AM Re: Lots of assets, no debt, high credit scores, low income-how 2 get a mortgage [Re: walkinthepark]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7720
Loc: Vermont's North-East Kingdom
I thought about this matter last Fall when these people first mentioned that they "show SS Income of $1150 per month" . . . . which pretty much implied that there's other income that they don't show.

Banks, Credit Unions and other regulated lending institutions can only loan based upon what income is "shown" or "reported" to the IRS.

That always presents a problem for people in the underground economy when they want to obtain financing from normal sources.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#445440 - 05/09/15 10:56 PM Re: Lots of assets, no debt, high credit scores, low income-how 2 get a mortgage [Re: walkinthepark]
OahuAgent Offline
Member

Registered: 03/09/14
Posts: 94
Loc: Honolulu, HI
Originally Posted By: walkinthepark
We've worked hard all our life, now retired and want to buy our "forever home". We own free & clear: 4 vehicles(3 are antiques) and a rental house worth 150K that we rent to my son in cash very cheap (long story). We have no credit card debt (pay off each month), credit scores over 805, and owe 40K on our primary residence that has recently been appraised at 160K. We show my husband's SS at $1150/month. We absolutely do not want to sell our primary residence before we find and have contract on our new home. How do we qualify for a mortgage of approx. $175K? Any programs out there to help us?


You need to sell your home first. To do otherwise is doing it in the wrong order and will cost you money.

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#448643 - 11/04/15 10:50 AM Re: Lots of assets, no debt, high credit scores, low income-how 2 get a mortgage [Re: walkinthepark]
The Re Insider Offline
Junior Member

Registered: 11/04/15
Posts: 3
Loc: Texas, USA
It doesn't look like you have enough verifiable income to qualify.

Only options might be to sell or rent out primary residence, have your son pay you rent that can be verified or pay cash.

You've heard it straight from The Texas Real Estate Insider.
txrealestateinsider.com

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