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Does my mom even stand a chance in getting a mortgage right now?

I’ll keep it short and sweet. Mom is 53, has been unemployed for years. Her income is 45k a year from Social Security, she has $1.3 million in cash and a 660 FICO. Her current mortgage ends in 1 year and needs to find a new house soon. She has no equity in the current house so we’re just going to fire sale it and walk away.

The trick is finding a new mortgage. Apparently social security doesn’t count as real income so I’m assuming she needs a non-cm loan utilizing an asset depletion to model an income. From my research it’s sounding like non-cm lending in this environment is basically a meme. Our only advantage is our ability to leverage our cash to receive major (50bp) fair market rate discounts, so that’s a plus. Does she even stand a chance at finding a lender with a fair market rate in this environment and going forward into the spring? Or is she screwed until investors calm down (hopefully) in the summer?

submitted by /u/MojoOjojo
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source https://www.reddit.com/r/RealEstate/comments/fssww8/does_my_mom_even_stand_a_chance_in_getting_a/
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