My wife and I want to get a loan to make our first investment purchase. We have plenty of money in the bank from the sale of a home in CA. However we are new to the VA area and currently do not have verifiable income. Is there something other than verifiable income that can be used as collateral to qualify for a loan? Suggestions for moving forward?
@Joel Mattsson-Bozé , In the private money world, verifiable income is not a consideration. Honestly, rates are not THAT much higher especially since you can get approved with one, and you won't get approved with a bank. Just a thought.
A portfolio loan that is call the Investor Cash Flow loan is designed to not have income or employment info on the application. So long as the property rents for the same or more than the PITI payment, then your good to go. 600-660 minimum credit scores up to 80% LTV or 20% down payment. The rates are a point or 2 higher than Fannie Mae rates, but still in a decent range. You can always refinance it later when you have the income to show.
Speak with private money lenders, local banks, and commercial mortgage brokers.
thank you Theo. Great suggestions. Joel and Beth