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We want to move back to CT after a disasterous move to FL 2 years ago. We own our home outright, ie, we don't have a mortgage, and have plenty saved for retirement. But we don't have jobs. If we can't sell our current home before we want to buy another one, would we qualify for a short term loan, say for about 1 year?
If you have verifiable assets and an income source sufficient to make loan payments, you shouldn't have trouble getting a loan (short-term or otherwise). Have you contacted a bank and asked? ...... If you sold your 'outright-owned' home, you would be able to use some of those funds to tide you over; if you didn't sell, you could still probably get a home equity loan. Of course, this may not be the best economy or housing market to simply walk away from your existing, paid-for home, and 'hope' things worked out in CT., and/or with the Florida sale.
Additionally, you say that you have 'plenty saved for retirement,' yet, 'you don't have jobs.' Does that mean you are retired or near retirement? Are all of these funds in 401K or some other relatively inaccessible 'deferred income pool?' -- or do you have retirement funds that could be 'borrowed' on a short-term basis?
Without real numbers, 'it's difficult to do the math'.
There's a new sheriff in town, called Dodd-Frank (or is if Frank-Dodd)....and in this legislation lenders can no longer provide mortgages to those that cannot support how they plan to pay back the loan. This is why there are no longer any no doc loans and balloon notes are nonexistant. Technically, if someone gave you a loan that you could not show you could pay back, you could actually sue them for putting them in financial jeopardy. For this reason, you won't be able to get a homequity loan without a job, nor can I see a way for you to buy without providing evidence of income.
We would pay back the loan as soon as our current home closes; the house we buy will be slightly less than our existing home. We have retirement assets 3x the price of a house we would buy. My husband is 60 so is able to access them without penalty. Of course, we wouldn't want to take out 100s of thousands of dollars temporarily to buy a house and pay the huge inc tax on it.
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