This is a fun loan. If you're a successful entrepreneur that sold off a business and have millions in the bank, but are not working (because rich people sometimes decide to just live off of their riches), sometimes it is baffling that banks will not lend to you. You may argue that you could just buy the house cash, but it falls on deaf ears. The point is, it is possible to qualify with a few niche lenders that know the ins and outs of this particular loan. Here's what you're going to need:
* Strong credit score
* Divide liquid assets by 180 months to derive a monthly income number
* DTI below 45
* 20% down payment
* Provide two months bank statements and a copy of driver's license
Hope that helps. Feel free to contact me if you have any questions at 949.667.2887 or firstname.lastname@example.org.
- Brian Nguyen is a senior loan consultant (NMLS 659743) who learned more about this stuff than he ever intended to. The opinions expressed here are solely his own.
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