Profile picture for aylee71

Mortgage needed for a second home

I am recently retired and would like to purchase a vacation home. I just got turned down by Wells Fargo today because my debt to income exceeds 40%. I have very little income, only a military pension. But I am wealthy with large liquid assets, stocks, bonds etc. my fico is 800+. I am looking to purchase a home for 250k with 20% down in illinois. I think it's ridiculous that a high net worth individual with a flawless credit history can't get a small mortgage.
  • October 18 2012 - US
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Answers (3)

Profile picture for maunun
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  • March 22 2013
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Good Afternoon,

There are programs available where your DTI can go over 45% especially if you have good reserves/assets and these are conventional programs, not hard/private money.

Good luck!

Paschal
  • October 19 2012
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I think it is pretty ridiculous as well.  Sorry about your situation, but many of my clients in a similar boat do 1 of 3 things:

1. They go with non-conventional financing (higher rates, up front points, etc).
2. They liquidate some assets and purchase the property "all cash" and for a lower amount most times.
3. They give up on the idea--until things change someday.

Good luck
  • October 19 2012
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