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Compounding our problem is that part of our planning for our future budget is for my wife to begin collecting social security at 62.
I'm sure the lenders could care less about that, though. They want to see what we have coming in NOW - not what we will have coming in the future.
And according to other posts I've seen, lenders want to see a reliable history of IRA distributions as well. So having not yet retired to begin developing such history, and not yet reaching 62 to start collecting SS, and having no source of income from employment, I'm not certain how we're gonna pull this off.
We had two new streams of income set to start up after we closed, which were to be used for the mortgage on our new home, which was to be our primary residence. Our loan officer was only interested in income we were already receiving. In the end, it didn't really matter as we qualified for way more house than we were looking to buy. But if it makes a difference in someone else's case, try to have the money rolling in before you apply. We had to provide two month's worth of statements, which seems to be the norm.
I just came across this article, How to Obtain a Mortgage with No Income, which states, in part, "If you are unemployed yet generating income from substantial savings the asset depletion loan might be a financial tool you can use to purchase real estate. While this loan isn’t for everyone, if you fit the lending parameters, it can be a great tool for buying real estate."
Basically it discusses how Fannie Mae or Freddie Mac can offer this type of loan, albeit with stringent guidelines.
I would encourage anyone who is interested in learning more about this type of loan to do a search on "depletion of assets mortgage."
I just came across this article, How to Obtain a Mortgage with No Income, which states, in part, "If you are unemployed yet generating income from substantial savings the asset depletion loan might be a financial tool you can use to purchase real estate. While this loan isn’t for everyone, if you fit the lending parameters, it can be a great tool for buying real estate."
Basically it discusses how Fannie Mae or Freddie Mac can offer this type of loan, albeit with stringent guidelines.
I would encourage anyone who is interested in learning more about this type of loan to do a search on "depletion of assets mortgage."
Thanks for adding to my knowledge base. Learned something new today.
I just came across this article, How to Obtain a Mortgage with No Income, which states, in part, "If you are unemployed yet generating income from substantial savings the asset depletion loan might be a financial tool you can use to purchase real estate. While this loan isn’t for everyone, if you fit the lending parameters, it can be a great tool for buying real estate."
Basically it discusses how Fannie Mae or Freddie Mac can offer this type of loan, albeit with stringent guidelines.
I would encourage anyone who is interested in learning more about this type of loan to do a search on "depletion of assets mortgage."
I haven't read the whole thread, but one solution might be to borrow against your investments, buy a house with cash, and then take out a mortgage of some sort to pay yourself back. Even a reverse mortgage might be possible.
With our available equity, rents would be about twice our mortgage. Plus, ironically, we probably wouldn't qualify for a lease with no income!
Incorrect. We rented for 9 months near Brier Creek while our home was being built. They pulled our credit, saw the scores and we were done.
I'm STILL surprised your having so much trouble with this. Are you of age (or other situation) that you are REQUIRED to take the RMD from your IRA? I was, so that might be the difference. . .
Last edited by Jkgourmet; 01-18-2016 at 03:07 PM..
... Are you of age that you are REQUIRED to take the RMD from your IRA?
My wife and I are 60.
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Part of what I was referring to.....
