Have cash but no income...
So my wife and I are getting ready to relocate to another state. Once we find a new location I would like to buy a cheap fixer upper sfh to live in while we build our new lives. Of course when I go to purchase a place, neither of us will be working or have any w2 income. I will have some 1099 income - like maybe 20k per year. I will have around 200k in cash though.
What type of financing would be an option for us? Would I have to buy outright and then hopefully cash out refi after 3-6-12 months? Will a lender consider a refi based on equity alone?
I have had this plan to relocate in the works for many years but never realized how it might be difficult to finance a new place.