 eaivan
Joined: 07 May 2009
Posts: 2
2.19 Dollars($)
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 Posted: Thu May 07, 2009 6:59 pm Post subject: Can you get a stated loan mortgage in California |
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| I am retired and have one home and a rental property which I get paid cash for. I would like to purchase a second home for my son, and he will pay me rent to cover the mortgage. The rental property I own free and clear and its worth 600K. The problem is I dont have a job, and according to fannie mae guidelines I have to be employed. Can I find a stated income loan. My fico is 810, and I would be putting down 55K on a 270K home. What would an interest rate be for this kinda of loan and what kinda of points would I be paying if the loan is available???? Any one with a lender or help in advice would be appreciated. |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1130
169.13 Dollars($)
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| Posted: Thu May 07, 2009 7:06 pm Post subject: |
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eaivan
Do you have retirement income? We would need to establish some kind of income (retirement, social security, rental, etc) which can be used for qualification purposes. In addition, you will need to put down at least 30%. Finally, if you do not plan to use the property as your primary residence, you will likely not qualify under these circumstances.
To answer the question posed on the subject line...yes you can still get a stated income loan in California.
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