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13243183 No.13243183 [Reply] [Original]

Will a bank give me a mortgage if I have no income, but can show a bank account which has a lot of cash in it (like exceeding the price of the house)?

>> No.13243874

I think they usually look for 2 years of tax returns.

Go get a preapproval and see, it’s free and requires no commitment

>> No.13243922

>>13243183
>>13243183
My guess is probably no. If you have enough cash to by the house outright, why not do so? All cash offers happen all the time and for reasons i dont understand are more appealing to the seller than a loan from the bank.

>> No.13244068

A bank is not likely to lend that type of loan. A mortgage broker could find a non QM (qualified mortgage) asset only product with a company like Angel Oak but expect to put a big chunk down and have an interest rate around 7-9 percent.

>> No.13244080

>>13243183
You’d be saving in the long run anon. Avoiding interest on your mortgage is based and principle pilled.

>> No.13244085

>>13243922
Cash offers don't fall through as often since there is not another party who is looking for issues. You would be surprised at how many borrowers out an offer on only to be stopped by the lending process when they have a 500 credit score.

>> No.13244089

>>13244085
Interesting. Thanks

>> No.13244108

>>13244089
Your welcome. I was happy to see a topic that is not crypto related and I work in the mortgage industry so happy to share what I know.

>> No.13244128

>>13243874
Typical is 2 years W2, current pay stub, 2 months bank statements at minimum. 2 years tax returns are pretty common depending on where your income comes from.

>> No.13244129

>>13243183
>buy house outright
>use first house as collateral to buy 2nd house
>rent out one of your 2 houses
>profit

>> No.13244441
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13244441

>>13243183
Hey there piggy new fren. What part of the business world do you represent? Sweet juicy capitalism?

>> No.13244449
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13244449

>>13244444
WHO STOLE MY GET?!

>> No.13244475
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13244475

>>13243183

> I want to get a mortgage

Great!

> I have no income

Oh...

> But I have more cash in the bank than the house is worth

Why don't you just buy the house outright?

> I need the money to invest in crypto

GTFO

>> No.13244499

just try to get it at the bank where you have your big stack of cash and then if they deny you ask to withdraw it all in cash, being civil but visibly annoyed at them. it will be a huge pain in the ass for them. then just keep doing this until a bank plays ball

>> No.13245299
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13245299

>>13243183
>buy house with cash
>get reverse morgage
its that simple piggy