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I qualified with my credit union to buy another house without even selling mine first. I have a (paltry) OPM retirement income, as well as TIAA CREF and MetLife annuities, plus Social Security. I also had the required 20% as a down payment. They qualified me for a 20 year mortgage, because I did not want it to be sold.
I qualified with my credit union to buy another house without even selling mine first. I have a (paltry) OPM retirement income, as well as TIAA CREF and MetLife annuities, plus Social Security. I also had the required 20% as a down payment. They qualified me for a 20 year mortgage, because I did not want it to be sold.
That's because your pension, S/S and annuities are income and will factor into the evaluation as wages are when employed. Those with income primarily drawn from IRAs and 401Ks as needed will be at a disadvantage, regardless of whether or not withdrawals could be higher or even substantially higher
Getting pre-approved shouldn't be a problem as long as your credit is good. Even if your ratios are high, if you don't have much debt and your credit is awesome, they will still approve you (especially if you're putting 50% down).
A good loan officer will find a way to get you approved when you're putting down 50%.
I thought that I wouldn't be able to get a mortgage in retirement.
If I could get a 50K mortgage I would be thrilled so I can move from my townhouse to
a small single dwelling house without using my investments.
I want to use 200K cash from the sale of my townhouse plus about 50K mortgage for a 250K house
I have excellent credit. I am 60.
I have 500K invested mostly in my IRA .
I will be working some part time to help my cash flow but that won't begin until spring.
Making the mortgage payment is not a concern, just how to get the mortgage.
The only debt I have is a $ 300 car payment for 5 years.
Just had a conversation over the weekend with friends about this subject. One has been retired for years. The other retired this year. Because she's not been drawing from her 401K or other pension/SS income for very long, getting a mortgage is a bit tricky for them. They have plenty of funds and a high retirement income, but they did say it would have been much easier to get a mortgage before she retired.
Just had a conversation over the weekend with friends about this subject. One has been retired for years. The other retired this year. Because she's not been drawing from her 401K or other pension/SS income for very long, getting a mortgage is a bit tricky for them. They have plenty of funds and a high retirement income, but they did say it would have been much easier to get a mortgage before she retired.
It would be nice if they factored in a flawless credit history for the last 40 years when applying!!
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