Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,Boston- MA http://www.zillow.com/advice/Boston-MA/mortgage-mortgage-types/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Is it possible to get a mortgage with (very) low income but high asset availability? http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-mortgage-with-very-low-income-but-high-asset-availability/529228/ Hi there,<br/><br/>Because I am currently a full-time grad student, my income (based on a service-based stipend for teaching intro college classes) is pretty rock bottom. But I do have quite a bit of money in assets that can be used for a solid down payment (at least 20%) and towards monthly mortgage payments, I have excellent credit and have zero debt. <br/><br/>While I could potentially pay cash for a first home, I don't want to liquidate all of that and would rather leave what isn't needed for a down payment invested. But I'm running into the problem that on paper, my DTI is too high to get approved for a mortgage. Are there any ways to get around this issue so that the assets that I do have can be considered and not just my low annual income?&nbsp;<br/><br/>I really appreciate any advice anyone can provide.<br/><br/>C<br \><br \>4 replies Thu, 20 Feb 2014 19:49:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-mortgage-with-very-low-income-but-high-asset-availability/529228/ 2014-02-20T19:49:00Z Cash only financing options http://www.zillow.com/advice-thread/Cash-only-financing-options/534003/ I'm interested in a house which is cash only. I could come up with the cash but it would bind more of my liquid capital than I like and I would have to sell shares which I would like to hold at the moment for tax reasons. Also, buying in cash would remove advantages like the tax deductions for mortgage payments which I want to make use of.<br/><br/>What are my options here?<br/><br/>A home equity loan is not fully tax deductible (up to 100k from what I read). I'd be ok with the 100k but for some reason they also have a substantially higher interest rate (30y fixed differs by ~1%), so no.<br/><br/>It seems to be possible to get a purchase mortgage even after the purchase if prepared carefully in advance with certain lenders. However, the house needs fixes. I would have to apply the fixes before I get the appraisal which would cost time and money. Time is critical because from what I read from the IRS the mortgage has to be finalized 90 days after the purchase in order to qualify. Money is critical because the fixes cost money and thus even more of my capital than the purchase price would be bound for this time.<br/><br/>I also read about 203k rehab loan. What are the advantages/disdvantages of<br/>this option? Do they have the same tax status?&nbsp;&nbsp;&nbsp;<br/><br \><br \>7 replies Thu, 27 Mar 2014 13:22:00 GMT http://www.zillow.com/advice-thread/Cash-only-financing-options/534003/ 2014-03-27T13:22:00Z Isn't it standard operating procedure to apply mortgage payments to interest and then principal? http://www.zillow.com/advice-thread/Isn%27t-it-standard-operating-procedure-to-apply-mortgage-payments-to-interest-and-then-principal/493145/ 7 replies Mon, 20 May 2013 17:22:00 GMT http://www.zillow.com/advice-thread/Isn%27t-it-standard-operating-procedure-to-apply-mortgage-payments-to-interest-and-then-principal/493145/ 2013-05-20T17:22:00Z what is the best way to buy a new home before the existing home sells? is renting it a possibility? http://www.zillow.com/advice-thread/what-is-the-best-way-to-buy-a-new-home-before-the-existing-home-sells-is-renting-it-a-possibility/210772/ As long as you can qualify with both sets of <a href="http://www.zillow.com/mortgage/">mortgage</a> <a href="http://www.zillow.com/mortgage-glossary/Principal-Interest-Taxes-and-Insurance-%28PITI%29/">PITI</a> pymts, you can do whatever you like.&nbsp; Leave it empty or rent it out.&nbsp; To avoid the "buy and bail" phenomenon that began as a result of this crisis, <a href="http://www.zillow.com/directory/lenders/">lenders</a> are requiring you qualfiy w/ both sets of pymts unless you have at least 30% equity in the old home.&nbsp; "Buy and bail" is where a homeowner that is underwater on the existing home buys a new one before letting the old one go into foreclosure.<br \><br \>0 replies Mon, 16 Mar 2009 02:51:00 GMT http://www.zillow.com/advice-thread/what-is-the-best-way-to-buy-a-new-home-before-the-existing-home-sells-is-renting-it-a-possibility/210772/ 2009-03-16T02:51:00Z In this market. Is it possible to refiance bsed on a high credit score-811-and not on stated income. http://www.zillow.com/advice-thread/In-this-market-Is-it-possible-to-refiance-bsed-on-a-high-credit-score-811-and-not-on-stated-income/178921/ I currently have a <a href="http://www.zillow.com/mortgage/">mortgage</a> at 6.75 and would like to refiance at a lower rate. What companies are available who can base their decision on credit history and credit score but not stated income?<br/>Great credit scores but that alone does not dictate payment capacity.<br/>That is one of the things that the <a href="http://www.zillow.com/mortgage-glossary/Credit-Report/">credit report</a> can not have is your income, so a lender has to use other methods to make a <a href="http://www.zillow.com/mortgage/">loan</a> determination.<br/>Do you own your own business? or are you a w-2 employee?<br/>Do you have 2006 and 2007 tax statements?<br/>Lenders use credit scores, income, payment record, and other items to make a determination of lending.<br \><br \>0 replies Thu, 18 Dec 2008 22:48:00 GMT http://www.zillow.com/advice-thread/In-this-market-Is-it-possible-to-refiance-bsed-on-a-high-credit-score-811-and-not-on-stated-income/178921/ 2008-12-18T22:48:00Z Anyone have any land/lot loan products? http://www.zillow.com/advice-thread/Anyone-have-any-land-lot-loan-products/213747/ mortgage rates, stop spamming your lead generation site<br \><br \>0 replies Mon, 30 Mar 2009 10:59:00 GMT http://www.zillow.com/advice-thread/Anyone-have-any-land-lot-loan-products/213747/ 2009-03-30T10:59:00Z