Posted on: 04th Oct, 2007 10:46 am
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.
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.
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.
FICOS:
TransU: 730
Equifax: 756
Experian: 782
Who knows why they vary so wildly.
TransU: 730
Equifax: 756
Experian: 782
Who knows why they vary so wildly.
"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.
What you are looking for is a "no doc loan". Be ready for a high rate.
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.
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.
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.
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.
