Asset depletion lender, Long Island, NY- 150k approx. needed

[Anonymous]

For a second home -likely a co-op- in Oceanside or Long Beach, NY,  I need an asset depletion mortgage due to no earned income- retired. On my Florida first home, that I own with dad, my piti is 1400 plus 225 monthly HOA fee. My net worth approx. 1.5 Mil but 35% stock funds and rest cds/bond funds, except for 100k in real estate partnership. IRA of 70k. Im 57. Cant pay all cash because almost all assets in grantor trust with siblings...sister and dad very coopertative trustees. Good credit- 775 on Myfico 

I've read of "Asset Depletion" programs - I think I'd be credited @ 1.2 mil. for my assets after applying 70% (?) factor to stocks, etc. At 1.2 Mil at 4% on 30 years I would get credit for approx. 6500 for month as income(?).
So if I have $75k annual "asset depletion" income, approx. 1650 monthly expenses- all due to existing home costs- and before new second home mortgage, and these higher ratios Ive read about , if really available, and a down payment of 75k plus on 200-250 second home, can I hopefully get close to the required 150-200k mortgage?? Note that I would be happy with a 5/1 arm with lower interest if that improves my ratios. I dont think FHA will do second mortgages. Thanks for opinions...

[StartingOver10]

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@Anonymous wrote:

For a second home -likely a co-op- in Oceanside or Long Beach, NY,  I need an asset depletion mortgage due to no earned income- retired. On my Florida first home, that I own with dad, my piti is 1400 plus 225 monthly HOA fee. My net worth approx. 1.5 Mil but 35% stock funds and rest cds/bond funds, except for 100k in real estate partnership. IRA of 70k. Im 57. Cant pay all cash because almost all assets in grantor trust with siblings...sister and dad very coopertative trustees. Good credit- 775 on Myfico 

@I've read of "Asset Depletion" programs - I think I'd be credited @ 1.2 mil. for my assets after applying 70% (?) factor to stocks, etc. At 1.2 Mil at 4% on 30 years I would get credit for approx. 6500 for month as income(?).
So if I have $75k annual "asset depletion" income, approx. 1650 monthly expenses- all due to existing home costs- and before new second home mortgage, and these higher ratios Ive read about , if really available, and a down payment of 75k plus on 200-250 second home, can I hopefully get close to the required 150-200k mortgage?? Note that I would be happy with a 5/1 arm with lower interest if that improves my ratios. I dont think FHA will do second mortgages. Thanks for opinions...

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You will need to make sure the co-op in financeable. Many co-ops require a cash purchase. Financing limitations, if any, will be in the co-op documents of the specific building in which you are interested.

Condos don't have the same financing limitations that are prevelant in co-ops.

[Anonymous]

I mean to say FHA wont do second home mortgage...didnt mean to say "second mortgages".

[StartingOver10]

Guaranteed Rate does these type of loans and they are an excellent lender IME.  Let me know if you need a LO referral. The only thing I see is a potential issue with the collateral (co-op vs condo)

[Anonymous]

You're thinking of expensive co-op buildings in NYC which often have "cash only" requirements. Modestly priced coops in NY area have no such restrictions- though they can have % down requirements. Plus I undertand Fannie Mae has typical HOA restrictions regarding cash reserves on buidling, percentage of units rented, etc. 

[Anonymous]

Hello. Contact info would be appreciated.

When you say "the collateral", are you referring to down payment, or perhaps some difference between coops and condos from lenders perspective? Thanks.

[Anonymous]

Is it the same company as guaranteedrate dot com? If so, I found their website..obviously. They seem to be only in Manhattan and Southampton which I suspect means they dont do small loans like this, but I will certainly contact them if you say they do asset based loans.  Thanks.

[StartingOver10]

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@Anonymous wrote:

Is it the same company as guaranteedrate dot com? If so, I found their website..obviously. They seem to be only in Manhattan and Southampton which I suspect means they dont do small loans like this, but I will certainly contact them if you say they do asset based loans.  Thanks.

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Yes, Guaranteedrate.com is the website.  They are in all 50 states. I use a rep in my area of S Florida and they do small loans from what I have seen.

Collateral refers to the condo verses co-op and not down payment requirements. Down payment requirements come from the loan criteria + any additional criteria that may be required by the co-op rules & regulations.

[Anonymous]

Thanks. As for collateral are you referring to bank lending against coop corporation shares vs fee simple in condo? I thought that wasn't an issue in ny area since millions of coops?

[StartingOver10]

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@Anonymous wrote:
Thanks. As for collateral are you referring to bank lending against coop corporation shares vs fee simple in condo? I thought that wasn't an issue in ny area since millions of coops?

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Yes^^^^. Co-ops have to have specific language in their docs allowing for a mortgage. That is the only reason I said to make sure to check the co-op docs. I have found it has nothing to do with the price of the unit, it is based on the co-op governing documents. I know that NY has many more co-ops than what we have here in Florida so it is entirely possible that the docs have financing allowed in a much larger percentage than our co-ops here. In any event, it would be specified in the governing documents for the individual co-op you are planning to purchase.