For a short example: I had a client with a very successful business, he was renting a home for $7,500/mo. & had 50% to put down on a home, yet his credit score was about 480. The bank said No Way, even with 50% to put down.
If you'd like me to double check with my lender with 30yrs exp, I'd be happy to find out for you if you can get away with not providing tax returns.
Clarion Mortgage Capital
ALLOWING PEOPLE TO PURCHASE properties without a down payment of at least 25% of Their OWN MONEY @!!! I've been to many parts of the world and most countries with stable real estate would not even consider letting someone purchase a home without 30% down of THEIR OWN MONEY !!! If you have a substantial downpayment in most countries they could care less about your income, job or anything else as long as they don't lend out over 70% of the purchase price .... Just think in the US if we followed those rules... the home prices would never have skyrocketed and we would not be in the mess we are in ... the pitiful thing is after all we have been through people can still buy a house with 10% down or less ...based on a job and income that is more precarious than it has ever been in this countries history . What a bunch of dummies we are.....
My answer below is accurate based on your specific question. I'm a direct lender based in Huntington Beach who works for the largest direct lender brokerage in the U.S. We have over 40 different investors. Up until two weeks ago it was still possible to obtain a loan with no income documenation from only one investor in the country, but they withdrew their stated income loan as well. I know that it's extremely frustrating for someone with excellent credit who is willing to put down 50% on a home purchase and still find you can't get traditional financing, but the current mortgage meltdown has caused the pendulum to swing way too far to the conservative side. Feel free to check around, but everyone needs to understand that this is currently the way it is. You could obtain a private money loan with as little as 30 to 40% down, but the interest rate associated with it will be very high and the fees to obtain the loan will be costly as well. I would suggest finding a motivated seller who is willing to finance the loan. With a 50% down payment I am confident that you could find a seller willing to finance the other 50% for a rate comparable to what is available from traditional banks, and considering how low current CD and money market rates are, you could probably get a rate even more favorable than what banks are offering. Best of luck - feel free to contact me with any more questions.
Century 21 Beachside
I've heard there are....but haven't used one with any of my clients for a long time. The good news is you are putting 50% down and the loan amount is going to be under $417,000 (the magic number). I would suggest you talk to a mortgage broker first....to get some information. They have access to loan programs all over the country. Direct lenders will only offer the specific programs they themselves offer.
If you do find a program through a mortgage broker.....then I would go the extra step to get underwriting approval and make sure you have a solid mortgage committment before shopping for the house to avoid disappointment.
I do know of a great mortgage broker, if you need a referral.....shoot me an email and I'll get you a phone number/email for her.
The 50% downpayment should help and congratulations on your really great credit score.
Call Wells Fargo Bank, Bank of America or any other direct lender for an accurate mortgage quote based on your income, assets, debt to income ratio and current verified credit score. Any other non mortgage lending source would not be accurate or reliable.