The Money Mustache Community

General Discussion => Post-FIRE => Topic started by: kmn99 on December 16, 2018, 06:02:39 PM

Title: Post fire Home loans
Post by: kmn99 on December 16, 2018, 06:02:39 PM

Any one here successful in getting asset depletion home loan in California?
Having hard time myself. Please let me know if you know of any lenders.

Title: Re: Post fire Home loans
Post by: CanuckExpat on December 19, 2018, 10:22:04 PM

For big banks:

Chase will do conventional size loans

Bank of America and Wells Fargo will both do Jumbo only. Wells Fargo may need you to hold all their assets with them?

Willing to explore smaller and more expensive?

Title: Re: Post fire Home loans
Post by: kmn99 on December 21, 2018, 11:32:57 PM

Thanks for the reply. Looking for more expensive ones 1M+. No luck with Big banks. Getting Loans and Insurance post-F.I.R.E is PIA :-)

Title: Re: Post fire Home loans
Post by: CanuckExpat on February 18, 2019, 09:11:02 PM

Did you check with Bank of America and Wells Fargo? Both of them had asset depletion jumbo loans when I called around.
Check out a company called North Star Funding , they seemed pretty flexible on asset based loans, but maybe more expensive.
Someone in this thread said they had a contact for a hard money lender who was pretty flexible: https://forum.mrmoneymustache.com/real-estate-and-landlording/should-i-refinance-4-625/

Title: Re: Post fire Home loans
Post by: Goldielocks on February 18, 2019, 10:21:01 PM

Ugh,  I am going through the cdn version of this...  we have ample $$ in retirement and other accounts (where to needs to stay), but post fire our income is 36% of its former value and we have a very large mortgage to renew right now.