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Qualify for mortgage using assets vs using income

I don't know where to start, but here goes...

1.) Income

I've been making about $110k salary for 3 years and I receive royalties through oil and gas income from my family's business. My 2-year average 2017-2018 for royalties is about 40k, but one year was 75k and the other was 4k. 2019 was way better, maybe 70k again, but I don't have a tax return yet. I quit my salaried job recently and started my own online business with nearly no overhead. I have no income to show yet.

2.)

Mortgage number 1

I've lived in my house for 8 years and I have a newly retired couple that will be moving in and paying the cost of my mortgage plus property taxes (2k/month). They are homeowners themselves and don't owe anything. Their daughter lives down the street from my house. I know lenders like to see a year or more of income from tenants, but obviously I don't have that yet. Maybe a signed lease will work?

Extra background: I made no money and went to graduate school for two of the years I've owned my home and I've never come close to missing a mortgage payment.

3.)

Assets

I owe 190k on my house and the county tax assessor values it at 505k, so my equity is 315k, although I need an appraisal I'm guessing. I've had the good fortune of receiving a windfall and have 500k in the bank. I owe 55k in taxes and I want to keep at least 115k in a high-interest savings account because that's about what my average spending is over two years and I'm prepared to not make money for that long (except unknown royalties as mentioned above).

My credit score is 793.

The homes I'm interested in are in the 500k to mid-600k range and I'd like to keep my monthly payment around 2k. The housing market I'm looking at is booming.

I have spoken to some mortgage brokers and I'm concerned. One said that with no proven income and with royalties that have an uncertain future, it will be difficult for me to get a loan. I do not understand that at all. I'm in Austin, TX in a highly desirable neighborhood and could sell my house in a matter of days to liquidate around 300k, and I have 500k in the bank. The broker said that my cash and equity have no bearing on my ability to get a mortgage. (I'm moving to Colorado. I'm tired of living in Austin, my boyfriend and I have 3 dogs so we're unattractive renters, I'm way past being done with being a renter anyway, and I'm moving to a place that's familiar. FYI in case anyone wants to know why on earth I'm trying to go buy another house... I could go buy something cheap and pay 800/mo instead of 2k, but that's not my goal)

submitted by /u/According_to_Hazel
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source https://www.reddit.com/r/RealEstate/comments/fb8w7w/qualify_for_mortgage_using_assets_vs_using_income/
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