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If I can’t obtain a mortgage loan on a certain priced home I want to purchase because my income is not enough would making a large downpayment (77% of the total value of the home) be enough for me to get a loan approval
If you can make a down payment large enough so that the amount you borrow can be handled by your income, then yes, you can do that.
If you only make enough income to qualify for a $300,000 house and you want the house that is $600,000, if you can put $300,000 cash down payment, they will let you finance the $300,000 that you are qualified to borrow (except to complicate matters, you will also have to have enough cash to pay closing costs)
If I can’t obtain a mortgage loan on a certain priced home I want to purchase because my income is not enough would making a large downpayment (77% of the total value of the home) be enough for me to get a loan approval
If there is no income, or if income is insufficient to qualify after a 77% down payment, you could qualify for a Declining Assets loan, wherein you put down a lesser amount and your liquid assets are considered income.
There is a LOT of fine print to this kind of loan, so little more info will help. thanks.
Heck, if you can afford to put down 77% of the purchase price, but you have a low (maybe uncertain or irregular) income, maybe you should consider paying cash for a house that costs 77% as much. Problem solved!
With 77% down, a lot of banks will happily write a non-conforming portfolio loan that won’t be sold to Fannie Mae/Freddie Mac. The OP just won’t be very happy about the points and interest rate. The bank needs to price the cost of a foreclosure into the loan.
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