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Niva for early retired, good Net Worth

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philiclese Joined: 08 Feb 2011 Posts: 2 1.55 Dollars($)	Posted: Tue Feb 08, 2011 7:17 pm    Post subject: Niva for early retired, good Net Worth Like 0 Dislike 0 For Florida home purchase in 300,000 range, what is avail for 54 year old retired single person with 2 Mil net worth 90 percent liquid and rest small commercial building position. Could buy all cash but with rates so low prefer to get mortgage and keep cash investing for next 30 years. Credit rating is around 730 I believe. Should I assume 40 percent down for decent rate, or is indeed nothing available at any rate as I've been reading, except thru private, high rate lenders? Thanks.
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Wed Feb 09, 2011 2:09 am    Post subject: Like 0 Dislike 0 Hi philiclese, 730 is a good credit score in order to get a conventional mortgage. However, you will have to show some kind of income in order to get a mortgage. If you are receiving social security benefits, then you can apply for a loan with the local lenders. Thanks
philiclese Joined: 08 Feb 2011 Posts: 2 1.55 Dollars($)	Posted: Wed Feb 09, 2011 4:09 am    Post subject: Income? Like 0 Dislike 0 Well I dont have Social Security income...waiting till age 70 to maximize. Also no income from work. My only income is returns on investments, which is divided between stocks and bonds 40/60. Tax return usually shows 50-100k income from investments...on low side lately due to low interest rates in my bond fund, and due to the fact tha recent stock appreciation doesnt show as income on tax return until I cash in part of stock funds and pay cap. gain tax. But again, no income from a job. So no morgage available, based on your last reply? Thanks.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Feb 09, 2011 11:52 pm    Post subject: Like 0 Dislike 0 Welcome philiclese, The returns on investment will be considered as your income. You should contact your local lenders and apply for a mortgage. The lender will check your financial situation and let you know whether or not you can get a mortgage. _________________ Procrastination is the enemy of your financial success

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