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Financing in 02129 : Real Estate Advice

  • All20
  • Local Info0
  • Home Buying5
  • Home Selling3
  • Market Conditions4

Activity 3
Sat May 20, 2017
Mark Howe answered:
Hi Jan,

Bank of America has an Asset Dissipation mortgage program, where we can qualify a client based on them having substantial assets. It is a good fit for high net worth individuals.

The rough formula is that we take your total assets and divide by 180 months, and that is the monthly income we can give you credit for. So for example if someone has a portfolio of $2 million, then the monthly income we could give them credit for mortgage qualification would be a little over $11,000 a month.

Feel free to contact me if you would like me to go over your specific situation. I would be happy to help.

Mark Howe
Senior Loan Officer
NMLS 870634
... more
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Tue Feb 16, 2010
greg answered:
Six one, half dozen the other... I deal with this question often in buyer representation. There are obvious pros and cons for wanting to withhold the maximum loan potential of a prospective buyer. On the one hand, it is best for the buyer if the seller does not know the figure as it often begs the response "they can afford more"; however on the other hand--in a competitive market--demonstrating to a seller that the buyer is not "maxxed out" on their ability to secure financing can be looked upon very favorably. In a non-competitive situation utilize different approval letters with varying approval amounts... In a competitive situation, demonstrate your strength in securing financing... ... more
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Tue Nov 10, 2009
Dan Chase answered:
Brian, if your fiancee can afford the mortgage by herself why should your name be put on the deed? If she can not be put on the mortgage by herself I doubt it would work anyway.
0 votes 5 answers Share Flag
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