Submitted by Anonymous on Sat, 03/22/2014 - 02:36
Can I get a mortgage if I am retired
Can I get a mortgage if I am retired
My wife and I will be retiring in a few years and plan on moving to another state. We will have a decent amount of money for a down payment. We both will have pensions coming to us and our question is: Is it possible to obtain a mortgage using only our pensions as our sources of income?
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As per ECOA , the lenders can not deny to grant you mortgage loan if you met these criteria :
a) Having a good credit score (720 to 760)
b) Having a good pension & social security income. make sure you have required supportive documents.
c) Other source of income like part-time job (atleast 2 years in the same job)
d) income from retirement accounts, it will be calculated while checking DTI ratio.
e) monthy a decent amount of monthly payments.
Good luck