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Old 01-18-2016, 08:22 AM
 
Location: Wasilla, AK
7,340 posts, read 4,201,142 times
Reputation: 16005

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Quote:
Originally Posted by Corvette Ministries View Post
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.
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Old 01-18-2016, 09:04 AM
 
Location: Ft Myers, FL
2,605 posts, read 1,304,083 times
Reputation: 4841
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."
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Old 01-18-2016, 09:08 AM
 
Location: Close to an earthquake
890 posts, read 680,885 times
Reputation: 2390
Quote:
Originally Posted by Corvette Ministries View Post
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.
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Old 01-18-2016, 11:08 AM
 
Location: Boca Raton, FL
5,189 posts, read 8,718,429 times
Reputation: 6217
Smile Part of what I was referring to.....

Quote:
Originally Posted by Corvette Ministries View Post
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."
From a Florida mortgage broker
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Old 01-18-2016, 12:09 PM
 
29,895 posts, read 34,951,892 times
Reputation: 11797
Quote:
Originally Posted by Corvette Ministries View Post
We are tiring of these brutal North Carolina winters.

But seriously, we want to be closer to her family, specially her 87 year old mother.
Got it, you are good people
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Old 01-18-2016, 12:16 PM
 
2,563 posts, read 2,802,669 times
Reputation: 3486
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.
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Old 01-18-2016, 12:17 PM
 
Location: Ft Myers, FL
2,605 posts, read 1,304,083 times
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Quote:
Originally Posted by TuborgP View Post
Got it, you are good people
Yeah, the good news is I guess that makes me a great in-law. The rest of the time I'm "stuck in Florida!!"
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Old 01-18-2016, 12:40 PM
 
29,895 posts, read 34,951,892 times
Reputation: 11797
Quote:
Originally Posted by Corvette Ministries View Post
Yeah, the good news is I guess that makes me a great in-law. The rest of the time I'm "stuck in Florida!!"
Yup and a Bada Bing for the good in-law part!
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Old 01-18-2016, 02:56 PM
 
Location: Phoenix, AZ > Raleigh, NC
15,119 posts, read 19,102,507 times
Reputation: 24257
Quote:
Originally Posted by Corvette Ministries View Post
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..
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Old 01-18-2016, 03:02 PM
 
Location: Ft Myers, FL
2,605 posts, read 1,304,083 times
Reputation: 4841
Quote:
Originally Posted by Jkgourmet View Post
... 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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