NorthNola
Dryer sheet wannabe
Does anyone have any experience in getting a mortgage with no apparent income? I stopped full time work in July and took a part time job in my same field. The opportunity I had been waiting for, to sell a current vacation home and purchase a slightly larger one ( same condo association) happened right after. My lender tells me that my pt income doesn’t count ( for 2 years). I have about 1.5m evenly distributed between mutual funds and an IRA. Today the lender came back and said my monthly distribution from my mutual fund account does not count. It must be a distribution from my IRA. I am not yet 59 1/2. Not until March. Sorry for the length but wanted to give my background.
Does anyone have experience with asset depletion mortgage loans? I have sold property #1 and was expecting to close this week on property #2 until the underwriters came back and said my monthly distribution must come from the other account. Can I take a penalty for a distribution or 2 throughout the loan process and go back to my regular distribution after? A 10% penalty on 5k isn’t great but I don’t want to throw my whole IRA into a penalty status. I’ve been reading this site for so long and got great advice. Finally joined. thanks so much!
Does anyone have experience with asset depletion mortgage loans? I have sold property #1 and was expecting to close this week on property #2 until the underwriters came back and said my monthly distribution must come from the other account. Can I take a penalty for a distribution or 2 throughout the loan process and go back to my regular distribution after? A 10% penalty on 5k isn’t great but I don’t want to throw my whole IRA into a penalty status. I’ve been reading this site for so long and got great advice. Finally joined. thanks so much!
Last edited: