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Brian C
Dec 8, 2004 - 9:55AM
mortgage approval vs. 401(k)

I am employed but also do some freelance consulting. I am thinking of putting the consulting money in a solo 401(k), but I intend to upgrade to a much bigger house next year. Is it better to have the cash liquid to qualify for a jumbo loan, or is expected income a more important factor, making it better to setup the solo 401(k)?
Thanks in advance!

Zip Code: briancaveney@hotmail.com

j
Joseph Gruenfeld
Dec 8, 2004 - 2:10PM
Re: mortgage approval vs. 401(k)

There are several mortgage programs being offered. The answer to your question really depends on which mortgage program you will go with as well as how much your down payment will be. There are mortgage programs which will not look at your income level if the cash down payment is a very high percentage and your credit rating is very good.

Zip Code: JGruenfeldcpa@msn.com

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