Home lone qualifying
FIY I never bought a home, but have worked almost 39 years in the Railroad industry. The pension plan is the Railroad Retirement anuity, and insured by the government. I have calulated my pension, and will make about $900 a month more retired than working. It is a good pension.
I want to relocate back to my home state when I retire and was wondering when to buy, before or after retirement.
Do you have a better chance of qualifying for a home morgage if you are working rather than retired?
28
Mar
13 Comments
Posted in Uncategorized
Tags: Better, chance, Home, morgage, qualifying, rather, retired, Than, Working
curmudgeon
March 28, 2010 at 10:19 am
absolutely.
Dark Caverns
March 28, 2010 at 11:05 am
Yes. Your income may be higher if you are working, which might help you better qualify for a mortgage.
Jessica4Roger
March 28, 2010 at 11:10 am
Depends more on how much money you have to pay back the loan. Are you a credit risk?
Concerned
March 28, 2010 at 11:56 am
You really have to ask?
dmvariety
March 28, 2010 at 12:36 pm
Depends on how much money in the bank.
Ahwell
March 28, 2010 at 12:45 pm
The most important thing is whether you can prove that you have a regular income and that you can actually afford the repayments. A retired person on a pension has a guaranteed income, so would get a mortgage more easily than someone working on a short term contract.
If your pension will be more than what you are earning, it shouldn’t be a problem whether you buy now or later. The amount you will be able to borrow will depend on your income, less any regular outgoings, such as any loans you may have etc.
scott2002williams
March 28, 2010 at 1:15 pm
Its doesn’t matter either way. As long as your debt to income ratios are under 50%….you will be treated the same. (debt to income is all your monthly minimum payments divided by your gross income).
boogatt66
March 28, 2010 at 1:45 pm
It all depends on your debt to income ratio along with your credit score. If you have good credit you can get financed for just about anything. I know a great finance guy if your interested, his email is badmatty53@yahoo.com. He’ll get you a great rate as well as advise you are smart decisions, he did wonders for my refi!
spiritwalker
March 28, 2010 at 2:11 pm
That would depend, on your retirement income. Any monies that you are bringing in, counts for income. including social securty, unemployment checks etc. And your credit score.
You would need docs, showing how long you have received the money, and how long it will last.
greatceasarsghost
March 28, 2010 at 2:59 pm
well, if bankers had any sense then they would not lend money to someone with no income (other than s.s, etc). fortunatly for you, most bankers have no sense and so SOMEONE will probablly lend you the money. but,… how are you going to pay it back,… i wonder?
KConsults
March 28, 2010 at 3:17 pm
If you can prove your income and you can afford the home, there is no reason why either income option would matter.
If you have good credit, you’ll be fine either way.
Of course, if you are retired with a pension and also work a part or full time job, then you will qualify to borrow more.
Just stay within your means and use a good loan consultant. Try your bank first if you’re not planning to lie about your income and assets…
Jackson
March 28, 2010 at 3:47 pm
I think it is like any other loan. How is your credit? How is your income? How does the asset (the home) evaluate? What are your debts? What are your assets?
The lender wants to know if he has a likely chance that he is going to be repaid on the loan. So if everything above is in order it doesn’t matter if you are retired or not.
There are 72 million Americans who are going to retire in the next decade. That is an awfully big market to shut out.
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novastarbanker
March 28, 2010 at 3:52 pm
Yes, your retirement may be enough. There are several banks that have what is called a “No Ratio” program which is tailor made for retired people. No ratio means that as long as you can show documentation on what your fixed income is, including pension and Social Security if applicable, then you can qualify for a mortgage, and the requirements are flexable. Your credit is the issue, your scores have to be good enough to qualify you for the program.