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Mortgage question
Posted on 7/21/25 at 7:30 pm
Posted on 7/21/25 at 7:30 pm
Is it possible to get a mortgage if you are not employed, but can put 30-40% down? Have been living off an inheritance the past several months, and making money with covered call options and some light day trading. Credit score is probably around 700; had a 30 day late while my parent was in hospice. I know there are some mortgage brokers on this board, would love to get some advice.
13
Posted on 7/21/25 at 7:42 pm to Nachomama
I don’t know the answer but personally I would not give you a loan in your current situation
Posted on 7/21/25 at 7:44 pm to Nachomama
When I got my house like 6 years ago they wanted W2s,bank statements, pay stubs as well.
Posted on 7/21/25 at 7:47 pm to Nachomama
No. You must be able to show and prove sustainable income sufficient to qualify.
Posted on 7/21/25 at 7:51 pm to Nachomama
Yes. Champions and Change are the companies
You need 18mnths reserves on top on the down payment
You need 18mnths reserves on top on the down payment
Posted on 7/21/25 at 7:54 pm to SDVTiger
quote:
SDVTiger
Are you a mortgage broker?
Posted on 7/21/25 at 8:06 pm to TigersHuskers
quote:
Are you a mortgage broker?
Private equity / and Commerical
This post was edited on 7/21/25 at 8:10 pm
Posted on 7/21/25 at 8:13 pm to SDVTiger
quote:
Commerical
If you have any options for 7-plex refi (potnetial cash-out refi). It’s a 4-plex and 3-plex on the same property. Located in Texas.
Drop an email if this is something you’re capable of looking into - thanks.
This post was edited on 7/21/25 at 8:21 pm
Posted on 7/21/25 at 8:26 pm to Fbohn1
quote:
If you have any options for 7-plex refi (potnetial cash-out refi). It’s a 4-plex and 3-plex on the same property. Located in Texas.
Same parcel? We are really FL/CA/HI focused but i can try and find someone
Posted on 7/21/25 at 8:27 pm to Nachomama
Search
Posted on 7/21/25 at 8:34 pm to SDVTiger
Same Parcel. Although I’ve already spoke with the surveyor of record who would be willing to subdivide fir a reasonable fee.
Posted on 7/21/25 at 8:41 pm to Fbohn1
If you divide you could then do a Rental loan or the DSCR whic is easier than commercial
They also have DSCR up to 10 units with some of those guys
Search for that
75% cash out with over a 700 fico using the rents for income
They also have DSCR up to 10 units with some of those guys
Search for that
75% cash out with over a 700 fico using the rents for income
Posted on 7/21/25 at 9:50 pm to Nachomama
It's possible to qualify for a mortgage based on assets if they're accessible to fund the payments. No idea if options and day trading income could be used to qualify but really doubt a track record of trading for a few months would be any help. Is the inheritance sufficiently large to fund mortgage and living expenses for.next 30 years without working?
Posted on 7/22/25 at 7:37 am to Nachomama
quote:
Have been living off an inheritance the past several months, and making money with covered call options and some light day trading.
Please dont blow your inheritance when things go south and you lose a bunch...Are you planning on working again soon?
Posted on 7/22/25 at 7:55 am to Nachomama
Get a job
Posted on 7/22/25 at 9:19 am to Nachomama
Posted on 7/22/25 at 10:38 am to Nachomama
I'm on my 4th mortgage. Each time I've had to provide W-2's and/or my prior 2 years of tax returns (self employment) along with 2 or 3 months of bank statements. I think you'll have a hard time getting a traditional mortgage without proof of current, steady employment. You might be able to get a bond-for-deed type situation temporarily until you can qualify for a regular mortgage, but BFD would require either a seller willing/able to owner-finance the deal or a private investor.
quote:Even with this, a regular bank is probably going to want 2 years of tax returns to count this as income and they'll average the 2 years
making money with covered call options and some light day trading
Posted on 7/22/25 at 2:01 pm to Nachomama
Cash flow pays the loan, unless you have enough assets to pledge in safekeeping to mitigate the probability of default.
This post was edited on 7/22/25 at 2:04 pm
Posted on 7/22/25 at 8:25 pm to Nachomama
Just depends on how much you received from the inheritance and have in the bank. I have an option for a mortgage in that scenario called asset depletion.
Posted on 7/23/25 at 6:31 am to Nachomama
Do you have an llc? Set yourself up as self employed investor. Show income on quarterly basis.
There is a difference in playing in the market and serious investors..which are you?
There is a difference in playing in the market and serious investors..which are you?
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