Posted on: 16th Aug, 2009 04:28 pm
Help!!!
I'm looking for a no ratio mortgage or asset backed mortgage. I've got excellent credit ~ 800 score, lots of assets, but banks won't give me a mortgage to buy the new house I have a contract for sale to buy until I sell my existing house - at which point I won't need a mortgage because I'll be able to pay cash. House price is $317,000 and I was originally going to put down $100,000 and mortgage the rest. Did not expect to have a problem getting a mortgage based upon my assets, but the mortgage company got all hung up with the fact that for a short time I'll have 2 properties, so my debt to equity ratio falls outside the guidelines. I'd be happy to up the down payment to 50% if I could get the rest financed so I don't have to sell my assets to make this deal. The property I'm looking to purchase is in Penfield, NY - a real nice house worth every penny. Can anybody recommend a solution for this temporary financing I need until my current house is sold? Thank you if you can.
I'm looking for a no ratio mortgage or asset backed mortgage. I've got excellent credit ~ 800 score, lots of assets, but banks won't give me a mortgage to buy the new house I have a contract for sale to buy until I sell my existing house - at which point I won't need a mortgage because I'll be able to pay cash. House price is $317,000 and I was originally going to put down $100,000 and mortgage the rest. Did not expect to have a problem getting a mortgage based upon my assets, but the mortgage company got all hung up with the fact that for a short time I'll have 2 properties, so my debt to equity ratio falls outside the guidelines. I'd be happy to up the down payment to 50% if I could get the rest financed so I don't have to sell my assets to make this deal. The property I'm looking to purchase is in Penfield, NY - a real nice house worth every penny. Can anybody recommend a solution for this temporary financing I need until my current house is sold? Thank you if you can.
nyc dad,
there are just a few lenders remaining who will do this deal. the "no ratio" program is essentially no longer in effect. however, the no income/verified asset program would work. the interest rate will be high and you would most likely have to refinance about 6 months later and after your other home sells.
there are just a few lenders remaining who will do this deal. the "no ratio" program is essentially no longer in effect. however, the no income/verified asset program would work. the interest rate will be high and you would most likely have to refinance about 6 months later and after your other home sells.
There is a program in NY & NJ that is No Income/No Asset and strictly based off of the equity in the property and the FICO of the individual that monies are being loaned to. The Interest Rates are a bit higher, but there is a lot less documentation required. If you are willing to deal with an Interest Rate of above 8% until your other home sells, this may be a good option for you. I hope this helps....
