Tricky situation- 2nd home mort, no earned income, good net worth

[philiclese]

I want to buy a second home in NY area (would love to hear from those who can lend in NY) and here is my situation- hopefully it's all you need to offer opinions.
1. Own a home in Fl. with approx. 180k left on mort. Worth 280 but dont want to get second mort. since family member co owns. Total payments with prin, int, insur, taxes is $1400 monthy that I pay by myself- co owner doesn't live here. Plus I have $225 community dues monthly, no other regular monthly payments- no car loan or credit card balance- use debit card.
2. Net worth approx. 2 Mil but 500k is weird stuff...private RE partnerships, 1/3 of an insurance trust, etc- that I doubt banks would consider. Plus IRA of 70k. I don't want to pay all cash for second home because mostly in family partnership with siblings, but that I can get document full access and continuing payments from it
3. No earned income- retired. Excellent credit- 775 on Myfico which I think is the "real" Fico score.
4. I know there are "Asset Depletion" programs from having posted previously- I found a bank document online explaining how to underwrite these I estimate they would credit me about 1.1 mil. for my assets after applying 70% factor to stocks, and -if I recall- 70% to my IRA since Im under 59- Im 56. I figure at 1.1 Mil at 4% on 30 years I would get credit for approx. 6k for month as income under the banks standards(?)
5. I have read that FHA has looser standards for front end and back end ratios, including up to 50% or more on back end ratio and perhaps 45% on front end. I believe the mortgage payments on my primary residence would be consider part of the back end ratio when calculating for new mortgage on 2nd home.

So by my calculations based on around $70k annual "asset depletion" income, approx. 1650 annual expenses- which is all due to existing home costs- and before new second home mortgage, and these higher ratios- 45% front end and 55% back end (if really available????) and a down payment of 50k plus on 250 second home, can I hopefully get close to the requred 200k mortgage??

I realize I am asking for something unusual between the higher ratios and the asset-depletion, but hoping someone on here can give some advice or is experienced enough to know how this would go. Thanks!

[Brian B The Loan Professor]

The income shouldnt be a problem - they are a little tricky but can be done

The higher ratios are hard to say - You may need to put more down to get the ratio a little lower

B

[philiclese]

Thank you Brian. When you say the income isn't a problem, I assume you're referring to asset depletion issue. I will try to work on larger down payment, but as I said most of the money is tied up in trusts and non-liquid investments. Thanks again.