1.You still have to have income to qualify. The debt to income ratio is unavoidable with Wells Fargo. Not sure about other lenders. You can be a millionaire, but need income on tax returns to qualify.
2. The 1-2% of assets, I believe he is referring to â€œAsset Dissipationâ€ method of calculating income. This is where they look at total assets and amortize them for 30 years to see if qualify. The borrower would have to be 62.5 years old to use this method.
3. If his father wishes to cosign, then maybe we can use his income and qualify. Cosigner does help.
4. Primary Residence and Second home rates are usually the same. The down payment can be different if itâ€™s a condo.
5. Cash out rates are slightly higher than purchase rates
6. Rate the same for 10% or 20% typically. Not on Condos.
if you'd like to speak with him directly, please feel free to contact him at 561-789-4445 or contact me at 561-436-0278.
Liz Alicea, Realtor, CDPE, CIAS
The Keyes Company Realtors
Keyes real estate
Here is his contact information
Tony Acquaviva #75842
US Mortgage of Florida
4400 N Federal Highway
Boca Raton Fl 33431
office 561 886 0300
fax 561 886 0301
If you need help with the condo, feel free to contact me
In other words you need to speak to a lender on what your options are.