JFinDallas
Joined: 02 Apr 2008
Posts: 3
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| Posted: Wed Apr 02, 2008 7:45 pm Post subject: No income documentation, big down payment, options ? |
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Hi,
I live in Dallas and I am looking to buy a property for my primary residence in the $500-600K range. I can't really document my income, but I am willing to put down as much as 50% ($250-300K).
I want to keep a low monthly payment, I don't like to have a lot of debt and I have no better use for this cash right now.
I manage/trade an investment portfolio for a living, so my income has a lot of volatility.
I have about 1.2 million in liquidable assets, zero debt and a 780 credit score.
What are the mortage options I am looking at : rate, type of loan (30 year fixed, ARM, interest only), etc...?
What would be best suited for my situation ?
I have read somewhere that with the market right now, the new guidelines and regulations being implemented this type of loan (No doc, stated income) is just not available anymore. What's the status on that ?
There are so many options and variables that sometimes I feel like my head is going to explode...
Thanks in advance for sharing your knowledge |
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