Can I get loan?

Asked by Neela, Monte Sereno, CA Tue Feb 5, 2008

I make $50,000. Husband retired. We have $1 million cash, only use little of this money for down payment. I want to buy $800,000 house, put $160K for down payment. Can I get a loan for rest?

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Jim Cavoto, Agent, Denver, CO
Thu Feb 14, 2008
Neela, you can also use the interest income you receive from having the million as income. It is way out of the box, but a good banker, or broker will know how to show this on an application. This way it will show you making 110k per year (assuming 6% interest, and you will have to show two years worth)
Web Reference:  http://www.altadenver.com
1 vote
Ali Moein, Agent, Saratoga, CA
Wed Feb 6, 2008
Hello Neela,
If you do have a high credit score and with the cash reserve you have you can get a stated income with verified assets loan. I'd be happy to answer any other questions you may have.
Regards,
Ali Moein
(408)439-5748
1 vote
Andrea Wince…, Agent, Milpitas, CA
Thu Mar 13, 2008
If you have a million$ in cash, why would you want to borrow and pay all that interest and have all that debt. Your property taxes alone should be enough of a monthly payment if you ever want to retire.
0 votes
Darren Miller, , CA (Licenced in 50 States)
Sun Mar 2, 2008
Neela, your looking at a 640K loan that is 80% LTV. You can absolutely get a loan, you have great assets, not that great of income from what I can tell by your post. You will most likely have to go with a SIVA program. Stated income verified assets. I'm with Amerisave, an upfront direct lender. If your looking to get prequalified, please contact me directly.
0 votes
Infinity Rea…, , Saratoga, CA
Tue Feb 26, 2008
At 80% LTV there are plenty loans available, but your best off contacting a Broker or bank. There are too many variables that would make it hard to automatically say yes you qualify. You need to address your current liabilities, length at Job, Fico Score, also considering the loan amount of 640K a normal payment on a fixed loan would almost equal your yearly salary alone. So unless you have other income im not sure you do.
0 votes
Dot Chance, Agent, Burbank, CA
Tue Feb 5, 2008
Hi, Neela. The cash is good. How is your credit? Do you have any other income? I'm not a loan officer but I don't think your income alone will support payments on $640k.

Contact Marie Richarz (loan officer for MetroCities Mortgage) and she will be able to give you an idea of what you can do. Her email address is: mricharz@metrocitiesmtg.com

All the best to you!
Dot Chance
The Chance Team
Keller Williams Realty Studio City
Web Reference:  http://www.DotChance.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more