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Old 01-17-2016, 09:05 PM
 
Location: Wisconsin
21,541 posts, read 44,028,155 times
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As I said upthread, I was told assets were irrelevant. All that mattered was income stream and that there was enough capital to support that income stream (if RMD) for at least three years. Lenders who don't sell their loans (scarcer than hen's teeth) have more flexibility, of course. But those around here seem to underwrite everything for the secondary market. Hate it. I remember the good old days when one could talk to your local, neighborhood loan officer, face to face contact meant something, etc.

Last edited by Ariadne22; 01-17-2016 at 09:14 PM..
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Old 01-17-2016, 09:53 PM
 
Location: Boca Raton, FL
5,176 posts, read 8,698,297 times
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Smile Asset based programs

There are times we can use assets. There is a formula. This is for a conforming loan through Fannie Mae.

I'm a Florida mortgage broker.

Every situation is different.
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Old 01-18-2016, 04:24 AM
 
Location: Washington State
18,557 posts, read 9,592,797 times
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Quote:
Originally Posted by FlaLadyB View Post
Tall Traveler -- my lender said yes, you can use it as long as its on your taxes. Meaning, you aren't just taking the money and not showing it.
Yeah I have to show that as income...the interest portion...thanks
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Old 01-18-2016, 05:45 AM
 
Location: Ft Myers, FL
2,593 posts, read 1,291,192 times
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Compounding our problem is that part of our planning for our future budget is for my wife to begin collecting social security at 62.

I'm sure the lenders could care less about that, though. They want to see what we have coming in NOW - not what we will have coming in the future.

And according to other posts I've seen, lenders want to see a reliable history of IRA distributions as well. So having not yet retired to begin developing such history, and not yet reaching 62 to start collecting SS, and having no source of income from employment, I'm not certain how we're gonna pull this off.
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Old 01-18-2016, 06:17 AM
 
29,782 posts, read 34,876,173 times
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Quote:
Originally Posted by Corvette Ministries View Post
Compounding our problem is that part of our planning for our future budget is for my wife to begin collecting social security at 62.

I'm sure the lenders could care less about that, though. They want to see what we have coming in NOW - not what we will have coming in the future.

And according to other posts I've seen, lenders want to see a reliable history of IRA distributions as well. So having not yet retired to begin developing such history, and not yet reaching 62 to start collecting SS, and having no source of income from employment, I'm not certain how we're gonna pull this off.
Guaranteed future earnings if you meet other requirements can be a big plus with the underwriting department. Your current income needs to be enough but future SS is a promised and secured raise that few workers have.
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Old 01-18-2016, 07:03 AM
 
Location: Ft Myers, FL
2,593 posts, read 1,291,192 times
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Quote:
Originally Posted by TuborgP View Post
Guaranteed future earnings if you meet other requirements can be a big plus with the underwriting department. Your current income needs to be enough but future SS is a promised and secured raise that few workers have.
Good point. I hope the lenders I call upon also see it that way!
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Old 01-18-2016, 07:18 AM
 
29,782 posts, read 34,876,173 times
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Originally Posted by Corvette Ministries View Post
Good point. I hope the lenders I call upon also see it that way!
Are you working with a buyers agent? If not I highly encourage. You don't pay them the seller does as the commission is split between the buyer and seller agent. A good one is so very valuable and can give you lender suggestions if they are good and honest.
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Old 01-18-2016, 07:27 AM
 
Location: Ft Myers, FL
2,593 posts, read 1,291,192 times
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Originally Posted by TuborgP View Post
Are you working with a buyers agent? If not I highly encourage. You don't pay them the seller does as the commission is split between the buyer and seller agent. A good one is so very valuable and can give you lender suggestions if they are good and honest.
That will be the plan once we get down there. We worked with a buyers agent when we bought our current residence in NC and found the service valuable.
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Old 01-18-2016, 07:38 AM
 
29,782 posts, read 34,876,173 times
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Originally Posted by Corvette Ministries View Post
That will be the plan once we get down there. We worked with a buyers agent when we bought our current residence in NC and found the service valuable.
Why are you leaving almost heaven The Triangle if I may ask?
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Old 01-18-2016, 07:41 AM
 
Location: Ft Myers, FL
2,593 posts, read 1,291,192 times
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Quote:
Originally Posted by TuborgP View Post
Why are you leaving almost heaven The Triangle if I may ask?
We are tiring of these brutal North Carolina winters.

But seriously, we want to be closer to her family, specially her 87 year old mother.
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