Posted on: 01st May, 2012 06:00 am
I will be retiring in December 2013. :D Will be moving to TX from SC and need to know if I will be able to obtain a mortgage with only having a retirement/SS check each month. I will be able to put 10 -20 % down, or carry a PMI. Not sure which I will do. Will be selling my house here soon. Any help you can give me will be greatly appreciated. Have a wonderful day! :D
Hi prkgc,
As far as I know, you will be able to get qualified for a mortgage with your retirement and social security income. Moreover, as you will be able to give the required down payment or go for the PMI, lenders can give you a conventional mortgage. However, you should have the required credit score in order to qualify for the loan.
Thanks
As far as I know, you will be able to get qualified for a mortgage with your retirement and social security income. Moreover, as you will be able to give the required down payment or go for the PMI, lenders can give you a conventional mortgage. However, you should have the required credit score in order to qualify for the loan.
Thanks
A retiree should be cautious with his spending. Experts say that the ideal percentage that he could take out from his assets annually is only 4%. Getting more than that may lead to early depletion of his funds. Getting long term health care insurance is highly advisable since healthcare or hospitalization expenses, especially during old age, can easily make that money disappear.
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Thank you to all who answered my question. I am greatly relieved to know it will be possible to obtain a loan on retirement/SS pay. I will stay with my son in Fort Worth until I find a home so will have time to obtain prequalification. Thanks again!
You're welcome, prkgc!! :)