No Income Source but have Large Down Payment - what are my options?
I was self employed but all the money I made I re-invested back into the company. So for the past 3 years I have showed little or no income.
I sold the company recently and have enough funds for a large down payment on a property. I am looking at properties I can live in the basement and rent out the main house on a daily bases. The income of which will be enough to cover the mortgage payments.
I was told however that without a job you can't get a mortgage even if you are willing to put down a large down payment. Is this true? or do I have other options?
I have good credit and I could put down up to 30%.