So I was a little nervous today waiting to hear back on the mortgage. I've been avoiding getting a bigger home as didn't want to pull money from the market and create a tax situation and kind of gave up hope of getting a loan.
Should have known to ask the real estate agent, they always seem to know someone. She found me someone who privately loans so they don't have to use Freddie/Fannie rules (which exclude my IRAs because I'm younger than 59.5). Yes I'm paying up for it, but I figure take out a 30 year and pay it back in 5-7 depending on how well I manage taxes.
They required $500K left in assets after you pay the required 25% down payment AND have an additional 60 months of debt in reserves. So if I had say a $400K house, $2K/month payments, I'd need $500+ ($100 down) + $120 reserves or $720k. No income/No tax verification, just ID and account statement.
That is a WAY WAY friendlier formula than Freddie or Fannie every used
Should have known to ask the real estate agent, they always seem to know someone. She found me someone who privately loans so they don't have to use Freddie/Fannie rules (which exclude my IRAs because I'm younger than 59.5). Yes I'm paying up for it, but I figure take out a 30 year and pay it back in 5-7 depending on how well I manage taxes.
They required $500K left in assets after you pay the required 25% down payment AND have an additional 60 months of debt in reserves. So if I had say a $400K house, $2K/month payments, I'd need $500+ ($100 down) + $120 reserves or $720k. No income/No tax verification, just ID and account statement.
That is a WAY WAY friendlier formula than Freddie or Fannie every used
