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laureninidaho · Joined: 01 Apr 2010 Posts: 1 1.29 Dollars($)

I am 58 and have cash assets, absolutely pristine credit, and no debt other than my mortgage. My current house just went under contract and I will get 80K cash after closing. My investment income has dried up in this market so tax returns show little income. I have a lifetime annuity that pays 1100./month I want to buy a condo in Arizona. How can I get a mortgage.

gmakerley · Posted: Thu Apr 01, 2010 8:18 am Post subject:

lauren, it's for folk such as you that the no documentation loans were best-suited, but it's apparent that the losses suffered in the last few years from borrowers who had no business obtaining such loans has pretty much dried up the offerings.

most of us are aware of such loans existent in a few east coast states as well as california, but i've not heard of any in arizona at all. i'm located in connecticut, so that might have some bearing on my ignorance of such loans being available. nevertheless, it's going to be awfully difficult, i'm afraid, for you to obtain a loan such as you describe.

if you've got sufficient time (and you may need it), you can run internet searches seeking the financing you desire. if, in the meantime, word gets out about that type of financing being available, i will be happy to come back with such a reply; as will any of the other lenders active here, i'm sure.

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830 Fico 30% down, retired , no doc income but assets can i get a mortgage at reasonable rate?

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