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No income is a killer. You need a job or a business that has been profitable for at least the last several years. I suppose if you had investments that were NOT part of a tax advantaged account and throw off sufficient revenue that would work too. I can imagine that enough guaranteed payments from insurance or the government would also qualify, as can alimony and other legal obligations, though honestly very few people would have enough to get a decent house.
At this point a NIV or No Doc is probably going to require more than a 25% downpayment. You might want to look on the private money market to see if you could find a private mortgage from someone.
Most credit unioins securitize their mortgages through the typical outlets, FNMA, FHA, etc. In all honesty they don't like to hold long term debt because they simply arent' set up for it.
Unfortunately the mortgage processors follow rules that only consider wages as income. It is very difficult to even get a conversation to consider portfolio returns, future SS earnings, or even annuity payments. I seems that all the mortgage processors I have encountered are clerks following a script with little or no broad financial knowledge.
I certainly have resources greater than a home price but much of it would be taxable at a high rate if cashed out to do a purchase so a mortgage is part of a financial plan to manage cash flow and tax liability (both now and in the future).
My only suggestion is to seek out a mortgage broker to help with the transaction. It worked for me once but I am currently having a difficult time obtaining a refinance without paycheck stubs.
Times have changed ( you used to be able to declare your income w/o verification)
I hope bankers learned their lesson !
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