Posted on: 28th Apr, 2010 04:09 am
For a $600,000 house, I'm willing to put down 40% and want to know the interest rate on the rest.
I have $1 million in liquid stocks, zero debts, the highest credit rating, am making substantial money in short term stock trading($77,000 in 2008, close to $600,000 in 2009.
I'm in my own business where, due to deductions and home office carry-forwads, I have zero income for a number of years.
Social Security, pension and stock dividends come to around $30,000 a year.
I've been renting for 10 years, paying $2450/mon.
The banks seem to not like the zero income on my busienss in spite of all the other positives.
I have $1 million in liquid stocks, zero debts, the highest credit rating, am making substantial money in short term stock trading($77,000 in 2008, close to $600,000 in 2009.
I'm in my own business where, due to deductions and home office carry-forwads, I have zero income for a number of years.
Social Security, pension and stock dividends come to around $30,000 a year.
I've been renting for 10 years, paying $2450/mon.
The banks seem to not like the zero income on my busienss in spite of all the other positives.
It sounds like you would need a stated income mortgage for self employed. That is not widely available today in most states.
It is available in NJ and CT and nine counties in NY and eight counties in PA.
Other than that, not readily available although, things change every day.
Rate for 30 year fixed would be 5.375% or 5.500%
You may get better answers if you note the state.
It is available in NJ and CT and nine counties in NY and eight counties in PA.
Other than that, not readily available although, things change every day.
Rate for 30 year fixed would be 5.375% or 5.500%
You may get better answers if you note the state.
Hey Will,
Have you ask your credit union for an equal share loan? Perhaps you can lock up some assets equal to the value of the home loan, borrow the money from the CU and get a mortgage.
I know my credit union allows this and I end up with a 3% loan.
Jeff
Have you ask your credit union for an equal share loan? Perhaps you can lock up some assets equal to the value of the home loan, borrow the money from the CU and get a mortgage.
I know my credit union allows this and I end up with a 3% loan.
Jeff
Bill,
You should be able to find a lender to finance you but, if you're state specific. One of our community lenders can lead you in the right direction. I know of several lenders that offer stated income programs.
You should be able to find a lender to finance you but, if you're state specific. One of our community lenders can lead you in the right direction. I know of several lenders that offer stated income programs.
