Financing in Austin>Question Details

Chrisp, Renter in

Can anyone recommend a lender who will offer a new home purchase mortgage, 15 year fixed rate, around $200k, 65% LTV, using assets instead of income?

Asked by Chrisp, Thu Dec 13, 2012

I'm young (45) and semi-retired. I have some self employment/business income but my wife recently quit her job. We have $3MM assets, $2MM liquid, zero debt. Assets earn significant annual investment income. Looking for a lender who will finance based on my assets and income from them rather than employment. I'd pay cash, but with 15 year rates under 3% I'd rather arbitrage and keep the difference between the mortgage interst and what I am earning off the assets as they are invested.

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Contact Matt Dean - Security National Mortgage Company in Lakeway

Matt Dean - 512-617-9436

He will take excellent care of you.
0 votes Thank Flag Link Thu Dec 13, 2012
I am a loan officer based in Austin with 30 years in the mortgage business, let's discuss your options. Feel free to contact me.

Bart Gabe

800 315 8803 or 512 686 2750 - best email

NMLS# 20743 - my licensing information - link to look up my license number
0 votes Thank Flag Link Thu Dec 13, 2012
Try Joe.
Joe Kralik
Branch Manager, NMLS#251080
Weststar Mortgage Inc.
9442 N. Capital of Texas Hwy,
Bldg 1, Ste 500
Austin, TX 78759
office: 512-343-3610
cell: 512-431-1095
fax: 800-373-1681

0 votes Thank Flag Link Thu Dec 13, 2012
Chris, I have an excellent lender who can probably do this type of loan for you through his company. His name is JD Cobb and his phone number direct is 512-557-8582. I talked to him earlier today and I know he is on his way out of town until Monday, but you can probably connect with him and start the process.

Also, if you're not yet working with a good Realtor, feel free to give me a call and I will discuss assisting you. If you're buying a brand-new home and think it is better to do it on your own and that you will save the commission etc., that is not how it works and I will be happy to explain the process. I worked for new homebuilders in the past and the commission for the buyers agent is built in as a cost and is NOT given back to the buyer as most people assume.

Joe Jarusinsky, Realtor/Master Instructor, Keller Williams Realty 512-261-4415
0 votes Thank Flag Link Thu Dec 13, 2012
I'd try Advancial Credit Union (located in Dallas, TX) or BofI (Bank of Internet) Federal Bank, as they both have asset based qualifying loan programs.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Thu Dec 13, 2012

Unless your tax returns show enough income with the dividends, interest and net income from self employment, go to wherever you have you $3MM. They will give you a margin loan on a mortgage having secondary collateral of your cash without the need for any income verification.

Standard mortgage lenders are income based because of Dodd-Frank.

Good luck,

Web Reference:
0 votes Thank Flag Link Thu Dec 13, 2012
Thanks, that's the first place I went but the margin rates are significantly higher and the arbitrage doesn't work.
Flag Thu Dec 13, 2012
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