I’m new to this, so please bear with me. I and two partners have just gotten our EIN # and are trying to start up a rehab and sell company in Maryland. I was hoping to keep my current job until we bought our first home. However, my current employer is on the verge of “retiring” me, and I’m worried that my lack of employment will hurt us when we try to get mortgage financing. My partners are both still employed, each making approx $70K/year. One has had to file for bankruptcy in the last year, and the other has child support payments. I have a 685 credit rating, and over $400K in investments and a 401K, plus about $15K in savings. Are we in trouble here?
Please help before I go baldheaded and toothless. Thanks!
No. your 680+ credit score can get you in to many stated lending programs. A verbal verification of employment may be all you would require from an underwriter. You would want to get this done before your retirement is final, if you are to be on the application. I’d go for it. Put your deal together by speaking with a mortgage professional like myself who specialises in investment lending.
As for your partners. Bankruptcy is a set back not to confused with a loss. There are lenders who are willing to lend 1 day out of bankruptcy. Need to more on credit scores and so forth.
Child Support. Provided child support is being paid on time you shouldn’t have more than an obsticle here. You may be required to have the spouse sign an affidavit, so make sure your ex is not named Bobbit.
Hello, Something that I have found for doing RE while in or near retirement is a website that explains how to buy RE through an IRA. Here it is, I hope it helps.