Asked by Wmbos, Louisville, KY • Sun Mar 6, 2011
I am relatively well set financially, in the process of retiring, and I want to buy what for me would be an inexpensive condo (less than $120K). I could put 50% down, if I can get a no-questions-asked mortgage on the remaining 50% of the cost. I bought my second home that way around 1990. My first home is a co-op in New York City. On the two homes I have close to $300K mortgaged (against over $1 million in value), but my income is lower than this would indicate (I inherited and invested well) and, with my retirement, will be lower still. I don't want to dip into my retirement and investment accounts any more than for the $60K or so for the down payment. Have all high down payment with "no questions asked" mortgages gone away in the current economic downturn, or can I still find one, even at a higher rate and for a shorter term?
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