Can I get a mortgage if I am retired

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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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Anonymous
22-03-2014

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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

Comment

Anonymous | Asked on 2014-03-24

Yes the income is calculated the same using the retirement funds As long as the debt to income ratios are in line with what is allowed you should be fine Brian Barnes ENG Lending Nationwide lender

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brian1 | Asked on 2014-03-24

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