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Old 06-02-2009, 06:04 AM
 
33 posts, read 95,303 times
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Does anyone know how to get a mortgage with 25% down, sufficient reserve, but no income?
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Old 06-02-2009, 06:15 AM
 
3,248 posts, read 6,263,677 times
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Originally Posted by TimidGuy View Post
Does anyone know how to get a mortgage with 25% down, sufficient reserve, but no income?

Build a time machine and go back to 2005.
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Old 06-02-2009, 06:39 AM
 
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Originally Posted by UKOK View Post
Build a time machine and go back to 2005.
Precisely....lol.

Good luck with that- you'd be lucky to get a mortgage with 50% down in today's market if you've got no income.
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Old 06-02-2009, 07:49 AM
 
Location: New Jersey
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dare I ask how you'd intend to make the monthly payment with no income ...?
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Old 06-02-2009, 08:03 AM
 
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,550 posts, read 6,742,669 times
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Quote:
Originally Posted by TimidGuy View Post
Does anyone know how to get a mortgage with 25% down, sufficient reserve, but no income?

Closing your eyes and clicking your heels three times might help.

Or it might make you look foolish. Either way, give it a whirl and let us know how you make out.
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Old 06-02-2009, 08:15 AM
 
33 posts, read 95,303 times
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What if I join a credit union and move all my banking to them? I have enough cash to buy the house but I want the liquidty that's why I prefer to borrow with rates so low.
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Old 06-02-2009, 08:32 AM
 
744 posts, read 870,845 times
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Originally Posted by TimidGuy View Post
What if I join a credit union and move all my banking to them? I have enough cash to buy the house but I want the liquidty that's why I prefer to borrow with rates so low.
No one's going to lend on that, too big a risk you then spend the money on something else (or invest it in something that loses) and have no income to make the payments. If you aren't going to spend the money on something else why would you want to pay interest on a loan would be the question running through their minds.
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Old 06-02-2009, 08:32 AM
 
505 posts, read 1,126,068 times
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Dude' unless you pay for the house in cash, it's not gonna happen.

Period.

End of Story.

Roll Credits.
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Old 06-02-2009, 08:45 AM
 
9,125 posts, read 23,748,232 times
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Quote:
Originally Posted by TimidGuy View Post
What if I join a credit union and move all my banking to them? I have enough cash to buy the house but I want the liquidty that's why I prefer to borrow with rates so low.
Yeah, and the bank wants some liquidity too, which they don't have when their funds are tied up in a mortgage that you don't have the income to pay.
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Old 06-02-2009, 08:50 AM
 
Location: Home
1,479 posts, read 1,885,155 times
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I think the only way would be to prove you had enough cash to pay the mortgage for a good period of time even after paying the 50%.

IOW, you plunk $100K on a house, still have $50K in the bank, MAYBE you MIGHT be able to get someone to give you money to buy the house.

But it is not likely. You are a risk that burned them once, and until all the banks are bailed out and playing high-risk canasta with our 401K's again, you have very little chance.
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