Great borrower with 3 year work gap - getting a mortgage?

Question

I'm seeking a $150k mortgage having a 3 year work gap (ending this week when i start my new job).

840 credit score with cash to buy the house many times over.

Engineer for 25 years, took the last 3 years off (intentionally to travel).  Annual AGI during those 3 years was about $15k year from capital gains and dividends.

Looks like all mortgages want 2 year work history.  I have called about 5 banks, credit unions, and 'broker?' places like quicken loans.  All say the same thing - regardless of how secuire my financial situation is.

Googling yields lots anecdotal posts indicating that this may be possible, but no one has any concrete examples or banks or lenders that would support it, and no one I call will even entertain the discussion.

So does anyone know of a specific bank or type of loan that may allow me to get a mortgage with a 3 year work gap?  Or what I might need to say or who to talk to to discuss it?

Stephanie P. · Answer

@Alan Iverson

Yes, the 12 and 24 month bank statement program is for self employed.

Based on the extra explanation, an asset depletion loan may work.  It's for primary residence (US Commercial only does non-owner properties) and there are plenty of other guidelines. If you need a broker in Connecticut, @Debra A. Denimarck is licensed up there.  New Penn has asset depletion products I think.

Best of luck

Stephanie

Stephanie P. · Answer

@Alan Iverson

Alan,

There are numerous 24 month bank statement programs out there right now.  Your deposits are your income.  It's not going to get you regular Fannie money, but they will get you closed.

Stephanie

Brian Pulaski · Answer

I was in a similar boat, enough money for a couple cash purchases, flipping houses (providing 2 years of tax returns) similar credit score, never missing a single payment of any kind in my life... struck out on getting a mortgage. Bought the house cash, and after months trying to refinance it, and getting nowhere it is what it is.

Hopefully you have better luck than me!

Harjeet Bhatti · Answer

You have to be on current job for at least 6 month to be qualified for mortgage.

Debra A. · Answer

Thank you, Stephanie!

Alan Iverson · Answer

@Stephanie Potter It sounds, like Debra mentions, that may only be self employed.  I also see it may not count transfer, which all of mine were (from my investment account to my savings/checking).  Thanks for the idea though... I hadn't heard of that before.

Alan Iverson · Answer

@Debra A. Denimarck I was living off of taxable investments - dividends and periodically selling some stock.  So capital gains and dividends was all I had to report on taxes - only about $15k year, although i was spending roughly $30k.  Just travelling around the US in a RV trailer.

Alan Iverson · Answer

Mainly to have flexibility and options in the future, not tying up my non-retirement cash since I'm still only 47.

Alan Iverson · Answer

Kieth, I am only just now starting a job - have been completely unemployed for past 3 years.  My last 2 tax returns show only $15k income which won't be enough to get any loan, even if they recognized it.

Great borrower with 3 year work gap - getting a mortgage?

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