All Forum Posts by: Lynn Gallagher

Hello. Thanks for the feedback. I am not sure of the terminology to use. I am looking for a product that would allow us to use our assets instead of W2 income to refinance our personal property. I understand that asset depletion is one such product (which we are open to). I wasn't sure if there were other creative solutions as well. This will not be a rental so the property itself would not earn income. We would have bank statements, 401(k) statements, tax returns, etc. that would show our current assets. If you need more information, please let me know. Thanks!

Does anyone know of a lender in Texas that can refinance a personal property using a non-income based product? The property is in the Dallas area. Thank you!

@Andrew Postell

Yikes! I didn't realize it would be 2-3 points higher! Thanks for the tip about the Texas forum. I will definitely check that out. I didn't know that I had the whole year to repay my 401(k). Maybe that is an option for us to pursue. So, if I understand you correctly we could borrow the money from our accounts and pay cash for the house then refinance once we find jobs. Did I get that right? I will definitely research that as an option. Thank you!

@Ron Flatt

I would like his private information. Please forgive my newness...how do we privately message each other?

@Stephanie Irto

Thanks very much for the information! I appreciate the help!

@Harjeet Bhatti

Thanks for the response. Sorry, it took me so long to respond. It's been crazy with the holidays. Is it possible to get a personal asset-based loan? I thought they were reserved for businesses? That would be a great creative solution if it's possible. Would the interest rate typically be more, less or comparable to a 2nd home loan? Thanks for the idea!

@Nicholas Aiola Thank you! I will give my CPA a shot (he's an extended family member so Christmas dinner will be awkward if I don't :)) but I definitely know where to find you because ultimately I want to make good financial decisions.

No, unfortunately. My husband is 54 and I'm 47. If we were, would there be a solution?

Thanks for the great information. I will contact my CPA. If he isn't helpful, I may take you up on the projection. Sounds like there are no creative solutions to the kiddie tax. Looks like we'll be paying the capital gains :(. I appreciate all your help!

This is a question about a primary residence. Is there a lender that would give us a mortgage in this situation: My husband and I would like to move to Frisco, TX and buy a home. The catch is that we would like to move even if neither one of us has a job yet or having sold our current home. We have substantial cash in addition to enough for a 20% down payment on a $400K house. Other details: Never been late on a mortgage payment (>20 years of mortgages both primary and rental property), 821 credit score and significant assets (>1,000,000....some in retirement accounts). Is there some creative way for me to get a primary residence mortgage in this case? My understanding is that post-2008 the rules are very strict. Would a portfolio lender have more flexibility? A credit union? Any other recommendations for a lender to contact?

Plan B is to purchase the Texas home as a second home and have one of us continue with our current employer and stay in our current home. Then once we get jobs in Texas, refinance to a regular primary residence mortgage. Is there anything we aren't thinking of with that plan or that we need to watch out for?

Any creative ideas to help us get into a house with possibly no income but substantial assets? I'm confident we'll find jobs quickly but, even if we don't, we have cash reserves. I just have to find a lender willing to take a "risk" on us. I'd love any creative ideas or advice. Thanks!

Lynn