During Covid I took some time off work for mental health, and I am thinking it will be time to return soon. The problem is that we moved to another state during covid so I need housing in the Bay Area. I’m not willing to rent after experiencing owning my own home. About me - early 30s - 600k after tax funds I could use for down payment - 3.15 million in retirement accounts - 820 credit score I expect to get a job offer in the 250-300k range. Have 7 YOE. Employment gap will have been 1 year. I have investment income (stocks) of 500k in the 1 year off, so there’s no gap in high income regardless of source on tax return. Good earning history: 2021 - 500k 2020 - 440k 2019 - 350k 2018 - 290k Can I qualify for a standard 20% down mortgage in the Bay Area with facts stated above and an offer letter in hand?
Why not reach out to a mortgage loan officer in Bay Area ? Btw how did you get 3 mil in retirement account in 7 years ?
Gamble ur retirement on crypto it's not hard
How do you put crypto into a retirement account?
No. Mortgage will need at least 1 full paystub from current employment, some lenders will want more. You might get a pre-approval, but wouldn't be able to close without the income being active.
“At least 1 full paystub” meaning a years worth of just 1 paystub?
No, a full pay period. Some lenders may require more history, all will require at least your most recent paystub for a full pay period from your currently held job.
3.15 how
3.15M in retirement account?
Bro out here acting like Peter Thiel with his Roth IRA? The fuck?
Nope. To the tents of SoMa you go.
You didn't share the details that actually matter like your credit score and current leverage haha
In my experience, underwriters heavily (over)value your continuous work experience. The year break doesn't look good and capital gains doesn't count even if it's as income on W2. Good luck!
You might get approved for a lower loan, higher interest rate, which shouldn't matter because you have a high amount of cash for down payment. Go for it.
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Weird flex but OK
“Ay guyz im worth many millions and young can I afford a home?”
We definitely don't see such posts errr dae on Blind