Posted on: 08th Feb, 2011 06:17 pm
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.
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.
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
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
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.
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.
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.
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.