i make mid 6 fig's and the banks say no dice its not earned income. i have an 800 becon score and millions of assets. rules are very very strict. was trying to borrow 1.3 mil for a new house. banks told me 2 out of 3 rejected now. will have to pay cash
LOL this system. It's designed to create serfs ... and keep them that way. If you go in 50/50 you can probably find a good deal ... but you gotta do 50% of the heavy lifting.
What was the % down payment you offered? Its not a good idea to pay cash for anything as a trader especially when your returns are 10x whatever rate a typical bank can charge you.
yes i can get a 50/50 but its not threw a bank. it goes threw investors and that scares me. real banks can't do low or no doc no matter what.man i hate using my cash when there's 4 1/2% money on 30 years out there. i have very little debt. its the new world we live in
From what I hear nobody is writing non-conforming loans right now (especially jumbos)... just go buy something that fits the standards for a conforming loan and I bet you won't have any problem at all getting a mortgage.
Pentagon Federal has jumbos up to 2M. I just closed a jumbo refi with them 2 weeks ago...no problems. https://www.penfed.org/productsAndRates/mortgages/mortgageRatesListing.asp The issue here is documenting your income, not the loan amount. Where I live $417k is a townhouse...if you want a single family you are going to be way over that level.
If you say so, who I am I to argue... all I know is I called my mortgage broker last week to inquire about a property I was considering and he flat out said, "all we can get done these days are are conforming loans and thats it." Although he did say they could probably get a deal done with 30% - 50% down... so obviously I was only referring to deals with 20% and no equity. My guess is you had no problem with your jumbo because (1) it was a refi and not a new home purchase (which is an easier deal to get done) and/or (2) you had enough equity in your home to justify the LTV.
You wanna see something funny...go to a bank and buy a CD, then try to get a loan secured by it and watch what happens. They say no way! Even with high credit score no debt and enough disposable income to easily pay it, they say no now. They keep this up and only people with cash will be able to buy houses, which would really slam the real estate market further down.
self employment income is tough to verify. you'll need to make 6 figs consistently for at least 5 years or more and proof of legitimacy of income. income from illegal activities or one time winning in in the market don't qualify. if they rejected you, they must have done a credit check and background check to verify your income claims and asset claims. i think your post is bogus too.
bogus my ass. sch d income is not considered earned income period. 50% down i can get a stated asset loan but no 20% downs anywere