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Mortgage with high assets no income

I'm wondering if it's possible to secure a mortgage for a house in the $500k range with liquid assets of around $750k..  I'd rather not purchase with cash right now, but could make a large down payment if necessary (<=50%). I have little income and will for the next few years, but few expenses and no debt.  My credit score is >800. 

Is this possible or am I going have issues because of not being employed?
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September 09 2013 - Portland
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Answers (5)

We have an asset income program that would amortize your funds over an 84 month period in order to qualify. The only issue I see is that you have $750k in liquid assets. That's a great amount, but we would require $1 million. Perhaps your situation has changed since then. We offer this program in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA .

Good luck!
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February 13
Hello, Glad to see a little "Local" blood on here once in a while...

Justin's response below illustrates perfectly the same process I would undergo for your loan. One option you have that can carry a lot of weight is with a small (smaller the better) local credit union or bank. If you were to speak to the branch manager and describe the loan you are looking for and the ability to bring your cash to their accounts in return for their services. I think you may find a few different options out there.

You can contact me directly if you need any recommendations!
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October 07 2013
Justin gave you a pretty good answer, but he's in Columbus, OH.  If you'd like to have a top notch mortgage broker in Portland, let me know and I'll give you contact information for two I work with. 
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September 09 2013
Consider borrowing against your asset instead.  The effective interest rate would be lower you are guaranteed approval.  You would then simply swap the assets back upon sale of the home.

-Troy
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September 09 2013
You will be hard pressed to find a lender willing to do that. I have done asset-depletion loans and the way they are typically done is you take your total assets and amortize them over 30 years at 3% interest. $750,000 would equate to $3162/month. This would be your "income". You would still have to qualify under typical loan guidelines. What I would be most concerned about would be your debt ratio. Typically, 45% back end is the highest lenders will go for this type of loan. This would give you $1423/month for your total monthly expenses, including the mortgage payment. A $500,000 home would not work for this payment unless you were putting a crazy amount down. 

Keep in mind, whatever you put down will be subtracted from your liquid assets. Also, most lenders will only be able to use a percentage (65%-75%) of money in mutual funds and retirement accounts. 

Hopefully this helps. As it sits, I doubt I would personally be able to lend but you can always try at your personal bank and see if they would be willing to do a portfolio loan for you. Some banks are willing to do this if you keep most of your funds with them.
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September 09 2013
 
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