Posted on: 28th May, 2011 04:05 am
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.
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.
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
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
Thanks!
Guest, your income is terrific in relation to what you're trying to purchase.
Go for the gusto!
Go for the gusto!
pension income is very acceptable.
apply with confidence
apply with confidence
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.
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.
From his previous posts here on MortgageFit, I would have to say that Raymond's expertise is high, too.