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Old 06-02-2009, 05:08 AM
 
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How does one obtain a mortgage with 25% down, sufficient reserve, but no income?
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Old 06-02-2009, 05:23 AM
 
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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.
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Old 06-02-2009, 05:51 AM
 
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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.
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Old 06-02-2009, 07:11 AM
 
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What if I join a credit union and do all my business with them?
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Old 06-02-2009, 07:18 AM
 
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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.
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Old 06-02-2009, 07:35 AM
 
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If you have --" no income "-- how are you gonna make the mortgage payments ?

If you have---" sufficent reserves "-- why aren't you paying cash for the house?

In this buyers' market, paying cash would give you an advantage.
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Old 06-02-2009, 10:37 AM
 
5,227 posts, read 13,370,180 times
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Quote:
Originally Posted by TimidGuy View Post
How does one obtain a mortgage with 25% down, sufficient reserve, but no income?
No income like....NO INCOME??? No wage, self employment, interest, dividend, pension, permanent disability, or social security income??

How are you going to make the payments?

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Old 06-02-2009, 10:41 AM
 
Location: Niceville, FL
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My credit union is exceptionally picky about mortgages because they hold 98-99% of their loans and don't like to get stuck with a bad one.
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Old 06-02-2009, 11:30 AM
 
Location: WA
5,594 posts, read 23,737,223 times
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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.
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Old 06-02-2009, 12:42 PM
 
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------" it worked for me once"--

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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