Real Estate Home Mortgages/Could I get a mortgage?


Hello: I currently own my condo outright. It is valued at approx. $650,000. I do not currently have a job, and have not had (earned) income within the last 3 years so have not filed tax returns during those years (I filed every year before that when I worked full time, for 15 years or so).

I want to purchase a property for $1,000,000. Since I have 100% equity in my home, is there any possibility I could obtain a mortgage to buy the new home? If not, can you specify why, and, is there any way I could possibly buy the home when I do not have a job/w2?

I realize that I could sell my home, but I prefer to hold onto it until the market is better. Also, I could probably rent it for $4,000/month.

I would like to be able to purchase the other home as soon as possible (if at all possible). I have already inquired as to whether the owner would lease with an option to buy; she declined, and prefers lease with a purchase contract/date. She wants to see that I am bank approved before she responds to an offer.

The property I want to buy is in NY, and my condo is in CT (if location matters).

Thank you for any input you can provide.


I do not see how you could get any form of bank approval without any verifiable income?  The bottom line for any mortgage company is going to be your ability to repay the loan and without any income that does not seem possible.  

I hope this helps.

Best Regards,

Ryan Hasselmeier

Advisors Group International Inc
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

Real Estate Home Mortgages

All Answers

Answers by Expert:

Ask Experts


Ryan Hasselmeier


Former Mortgage and Insurance Broker in Texas. Originated loans for use as a Primary Residence, Second Home, Investment Property or even Mixed Use. Have brokered loans for Manufactured Homes and even Rural Housing.


Have been actively involved in the mortgage loan origination industry since 2001 and real estate investment since 1990.

Current Chairman of the American Signing Agents Association Inc, a non-profit professional business association of Notary Signing Agents who specialize in real estate settlement transactions.

Bachelors of Business Administration in Accounting and Management Information Systems from Sam Houston State University in Huntsville Texas.

©2016 All rights reserved.