I just registered on the forum. I found out this morning that I have been approved to purchase a home, even though retired.
I qualified for a 30 year loan, only because my guaranteed monthly income is not that high. I have no debts. Of course that does not preclude me from making larger payments, I just had to string it out that long to meet the banks income parameters for the minimum monthly payment.
The reason why I am posting here is because I was trying to find out what my chances were of being approved for a home loan, so by doing the search engine thing I found a link to this site about getting a home loan when retired.
The last post on that thread is roughly a year old, and I don't know if that thread is even available.
The theme of that year old thread was that it is tough to qualify for a home loan when you are retired unless you have assets well into the six figures. And considering that I only qualified for a 30 year loan, I know that to be true.
I am worth roughly $325,000 and will have to send proof of social security income to qualify, which I will do as soon as I get the letter from the lender.
Everyone have a good day.
