Best way to apply a mortgage or any other suggestion?

Question

Best way to apply a mortgage or any other suggestion?
Here is my situation. I have been working oversea for over 25 years and planning to settle in California soon, very soon. I believe I have good credit with a short period of time living in Los Angeles about 10 years. As I am going back to CA, also planning to purchase a property in Irvine CA, with target price 1.2M. Can I get a mortgage even I will have no job when I move to CA?

Here is what I got:

-USA properties worth 1.2M

-Oversea property worth 3M

All paid off

I know I can sell my property and purchase the Irvine property. But as the interest rate is so low, I want to apply a mortgage.

I have to plan ahead before coming to USA. Any other way I should do? What do you suggest? Thanks a lot.

Jason Kudo · Answer

@Peter Sik

Hi Peter, feel free to send me a message. I have a fantastic loan broker who can help. He has closed over $1B in his career and of there is a way, he will know.

Andrew Postell · Answer

@Peter Sik I think the assumption here is that you are buying a primary home? If it's any different let me know.  Primary homes will require some type of income to show.  So if you don't have a job then your bank statements will need to have significant assets available (as mentioned above).  Do you have any plans to get a job in California once you arrive?

Jo-Ann Lapin · Answer

Here locally in Tustin grew up in Irvine . Just FYI . I believe I have a good resource for you . You are welcome to pm me .

Nick Belsky · Answer

@Peter Sik

Why not sell your Irvine property and only use a portion of your proceeds towards the new purchase?  You most likely won't qualify for conventional or any agency loans, but there are non-qm loans you may qualify for.  Given your high net worth (property holdings), you may qualify for what is called an Asset Depletion loan.  This loan type is specialized and will come with a higher rate than a conventional.  I just did a mock quote and am seeing between 4.75-5.50%.

Up to 80% LTV, min FICO 680 and up to $2MM

Max DTI is 50%

6-12 months of reserves (add additional month per additional property you own)

Essentially, you could be eligible to borrower up to 110% of whatever your other assets value is.

If you wanted to keep your Irvine property and have the cash for 20% down, you could use the Irvine property as the asset.

That would roughly pre-qual you for a $1,320,000 loan, not counting whatever you put down.  LTV for Second Homes is also 80%.

This program does not require to have W2 or 1099 or any other income.

Might be worth looking into if the program fits your needs...

Nick Belsky