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Guest
0.10 Dollars($)
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 Posted: Thu Oct 04, 2007 10:46 am Post subject: 55% Down - No current income |
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Hi folks,
My family and I just moved up to NH from CA. We're off to see a mortgage broker tomorrow and I want to go in with the right expectations re. finding a loan and rates.
We're looking to borrow about $210K on a $460 house. We're putting down 250K. We moved up from CA without finding new jobs, as we're planning to take off several months to "nest" before getting job/ buying a small biz.
A while back, I figured a LTV of 45% would be considered zero risk by a lender. With the market today, I'm not so sure considering we have no current income.
We can show cash assets to cover 8+ months of payments and living expenses, including a crazy COBRA health payment. I also have 60K set aside for a business purchase. In addition, we have sizable retirement accounts to draw on in emergency.
What do you think the lenders will see us as? Good bet, regular 30yr rates? Risky due to no income, thus high rates?
We both have excellent credit. We just don't want to work right now (we worked hard enough for 15yrs in Cali).
Thanks for the opins.
- Rob.
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Need help choosing the right loan? Get free consultation from community lenders/consultant |
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 livinginnky
Moderator
Joined: 08 Sep 2007
Posts: 596
23.71 Dollars($)
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| Posted: Thu Oct 04, 2007 11:15 am Post subject: |
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What is your credit score? Not all lenders loan on job status. If you can show you are a strong credit risk then you may have a shot.
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Eric Matthews
Mortgage Refinance and Home Loan Guide |
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Guest
0.10 Dollars($)
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| Posted: Thu Oct 04, 2007 12:47 pm Post subject: |
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FICOS:
TransU: 730
Equifax: 756
Experian: 782
Who knows why they vary so wildly. |
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livinginnky
Moderator
Joined: 08 Sep 2007
Posts: 596
23.71 Dollars($)
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| Posted: Thu Oct 04, 2007 3:59 pm Post subject: |
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| Quote: | | Who knows why they vary so wildly. |
lol well nobody does. No seriously it is common to have 3 different scores and they seem like a normal range.
What you are looking for is a "no doc loan". Be ready for a high rate.
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Eric Matthews
Mortgage Refinance and Home Loan Guide |
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 484
Location: Minneapolis
20.02 Dollars($)
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| Posted: Thu Oct 04, 2007 5:26 pm Post subject: |
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No Doc. Easy loan, If everything you said checks out low 7s% interest rate, make sure you can show where your downpayment comes from. Did one last month simmular to that. Email or call me if you have anymore questions.
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Eugene Volovik
Home Loan Consultant
Countrywide
612-481-3127
Conventional, FHA and Commercial Lending |
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jenkin7
Joined: 04 Jun 2007
Posts: 939
140.80 Dollars($)
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| Posted: Fri Oct 05, 2007 5:04 am Post subject: |
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Hello Guest,
With the credit score that you have along with the down payment and cash assets, it won't be much difficult for you to get a loan. But I think if you can sign an agreement with your lender stating an estimated time from when you will have a steady flow of income, it might help you in qualifying for a better loan. |
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michelle
Community Experts
Joined: 08 Oct 2007
Posts: 144
37.90 Dollars($)
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| Posted: Wed Oct 17, 2007 3:02 am Post subject: |
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I would suspect the no doc loan several others recommended might be your best option as you indicated that you plan to buy or start a business as well. With the information you provided, I would think you should have no problem obtaining a no doc mortgage.
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Michelle Keck
Mortgage Network Solutions
302-655-2551
www.michellekeck.com |
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