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I am moving to either Austin, Dallas or Houston and recently sold my home in CA. (not in the high dollar part of CA) I want to buy a home valued around 225 with 75% down. I will get a job when I get to my new location.
Do any of you know lenders that will still do stated income with that amount of cash in the house? I do not know where to start looking.
Forgot to say, I am debt free, have a FICO of approx 790 and have other assets.
Last edited by BEVH; 05-22-2008 at 10:36 AM..
Reason: added info
I have tried lender after lender and they say no doc loans are a thing of the past. Yes the proposed position will more than take care of the small mortgage I am after. Heck in a market climate like either of these cities with limited foreclosures, why wouldn't a lender want a person to stop paying and easily recapture the money invested. I told one that they could look at my credit history and see I do not pay late but seems like I am out of luck.
Just hate to move into a rental with my stuff then have to move again. A waste of time and money
There is another thread about this.... there is a huge difference in stated income (job is verified, income is not) and no doc (no job or income verified).
Stated income is far easier and can be done with excellent credit, down payment, etc. No Doc programs still exist but are far more rare and the rate and terms are not as pretty because of the added risk. Its not the best option, but the easy money the last few years has made lenders far more risk adverse.
Try to see if you can get a job and a letter of intent or think about moving first, renting for 1-3 months (use a POD or other company to make the moving 2x easier) and then buying.
I am moving to either Austin, Dallas or Houston and recently sold my home in CA. (not in the high dollar part of CA) I want to buy a home valued around 225 with 75% down. I will get a job when I get to my new location.
Do any of you know lenders that will still do stated income with that amount of cash in the house? I do not know where to start looking.
Forgot to say, I am debt free, have a FICO of approx 790 and have other assets.
If you cant get one with those terms, let me know and I will personally loan you the funds out of my pocket.
I am retired and even before the melt-down I was not able to get a mortgage without claiming I had an income stream adequate to cover the mortgage and expenses. Lenders were not open to approval based upon a large asset balance (more than the house) alone. But the silly rules then approved a loan as soon as we included documentation of spousal employment. Now that many guidelines have tightened I cannot see approval before employment.
not in this market. you are requesting a no doc loan. There are just no investors interested in doing these types of loans.
My advice:
1) get a job first
2) ask a family member to take a home equity line (rates are low and closing fees are minimal ) against their home and give to you to cover the other 25%. Pay cash. Then, when you have a job, take a loan against your home and pay them back (plus take them to a nice dinner or something to thank them).
Hard money might be out there but you will pay very high rates
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