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Income/Loan amount

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PH915 Guest	Posted: Sat May 28, 2011 4:05 am    Post subject: Income/Loan amount Like 0 Dislike 0 I am retired, have a pension that equals 50K per year. Currently renting, but would like to buy a house that is 115K. Credit scores in the 800s, no debt other than car payment. Had a long work history in same profession, retired now for about a year. Will lenders accept pension income as good enough for a loan? I could easily do a monthly house payment with no problem, but I wonder if banks will accept it. Thanks. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun May 29, 2011 9:23 pm    Post subject: Like 0 Dislike 0 Hi PH! Welcome to forums! Pension can be accepted as your income. You should contact your local lenders and start applying for mortgage. They will check your financial situation and let you know whether or not you'll qualify for a loan. This community also has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know whether or not they can help you with a loan. Feel free to ask if you've further queries. Sussane
Guest	Posted: Mon May 30, 2011 3:36 am    Post subject: Like 0 Dislike 0 Thanks!
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue May 31, 2011 9:29 am    Post subject: Like 0 Dislike 0 Guest, your income is terrific in relation to what you're trying to purchase. Go for the gusto! _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
tomburris Community Expert Joined: 03 Oct 2007 Posts: 135 Location: North Dallas 19.12 Dollars($)	Posted: Thu Jun 02, 2011 1:02 pm    Post subject: Like 0 Dislike 0 pension income is very acceptable. apply with confidence _________________ Tom Burris Mortgage Banker 214-763-4629 cell/text/nights/weekends http://www.dallasloanguy.com/ Location: North Dallas, TX Coverage: The entire Great State of Texas NMLS# 335055
raymond Community Expert Joined: 03 Jul 2009 Posts: 1191 Location: Irvine, California 28.24 Dollars($)	Posted: Thu Jun 02, 2011 2:29 pm    Post subject: Like 0 Dislike 0 You should also consider purchasing the home with a Reverse Mortgage, in addition to Forward Mortgages. Reverse Mortgages don't care about Income, Credit, Assets or Employment. In California, a 62 year old could purchase a 115k home for only 48k, and never have a monthly mortgage payment. The older you are, the less you have to contribute. _________________ Raymond Denton www.RaymondDenton.com
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Jun 02, 2011 2:51 pm    Post subject: Like 0 Dislike 0 And, oh by the way, Guest, if you live in California, I'm sure Raymond would be happy to assist you in obtaining that mortgage. From his previous posts here on MortgageFit, I would have to say that Raymond's expertise is high, too. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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