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is it that I must have a job? i have sunstantial investment income but am unemployed, will I be able to qualify for mortgage with my investment income?

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Investment is similar to income from a job. But is somewhat difficult to document. For this reason lenders would want to check your tax returns for the recent yrs. similar to what is done for self employed borrowers. For verification of your returns you may have to provide them with the authorization for obtaining copies of your tax returns directly from IRS.

Miller

Niicss · Posted: Sat Jun 23, 2007 6:02 pm Post subject:

Actually what happens is that lenders accept investment income from any kind of source if the income is steady.

Most investment incomes from interest & dividends can be used to qualify for a mortgage.

But many lenders would view incomes such as realized capital gains & funds received from liquidation of assets as volatile to rely on to approve your loan request.

ezmortgageloanz · Posted: Sun Jun 24, 2007 5:08 pm Post subject:

If the origin of your investment income is from rental properties, you should be aware that the majority of lenders will only apply 75% of the overall income towards qualification.

In the absense of your knowing your credit scores, DTI and other factors, there are NO-DOC non-owner occupied investment loans that allow up for financing up to 90% of the purchase price.

Here are some further details on this program:

- Up to 90% financing allowed
- Borrower must have a mid FICO score of 700 or higher to qualify
- DTI will not be calculated/considered as part of qualification
- Borrower must have 4 active tradelines/credit references to be
eligible
- Loan amounts ranging from 10,000~650,000 allowed
- Can be used for the purchase and refinance of the following property
types; SFR, Condo, PUD & Duplex
- Loan options include short term fixed and long term fixed loan
options with 15/20/30/40 year amortization schedules available (fully
amortized and I/O payment options available)
- Borrower may own over 10 properties
- No reserves required for eligibility
- No seasoning or sourcing of funds required to close
- Less the 12 months seasoning allowed for refinancing (using the
purchase price)

Investor financing has been changing/evolving rapidly over the last 6 months---it might pay for you to consult someone that focuses on investment financing only.

Regards,

Scott Miller

jenkin7 · Posted: Mon Jun 25, 2007 3:26 am Post subject:

Hello Patrick,

Yes, you would be able to qualify for loan under the category of self-employed borrowers. You would have to show your profit and loss statements, tax returns for the current year and for the past two years. Also you would have to show your current balance sheet.

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investment income but no employment