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Old 08-23-2014, 03:16 AM   #21
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I don’t know how much or what type credit you are trying to get.However, I have been unemployed and/or retired for 4 years.I just applied for & got (in the last 2 weeks) a new credit card w/immediate approval for a 5k line.

I would think an auto loan or mortgage might be more difficult without proving a decent income stream.

I do get soc & a small (pays for my groceries) pension.
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Old 08-23-2014, 07:54 AM   #22
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I'll have to try the "Self-employed private investor" route next time I apply for credit. Maybe the reason my "Retired" worked when I applied for the Fidelity Amex was that I showed income equal to our taxable investment income last year. They gave me a $15K credit line, which is in line with the other ccs I got pre-retirement and more than I'm likely to need since I always pay in full every month.
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Old 10-02-2014, 06:12 PM   #23
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I started the application process today to refinance our mortgage from 4.25% to 3.5%. It's a VA loan & will still be VA, though with a different mortgage company. Paying $1500 in fees ($500 origination & $1000 VA funding fee). Other $ for taxes & insurance, but I'd be paying that anyway. My payment will go down by $100 a month. I expect we'll eventually just pay it off, but not right away. Even so, we'll still be money ahead by saving the $100/month even if just for a few years.
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Old 10-02-2014, 09:05 PM   #24
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I receive regular mailings offering VA streamline refinance, Interest Rate Reduction Refinance Loan.
Interest Rate Reduction Refinance Loan - Home Loans

I ran into the lady that processed my first loan (local bank) a couple months back and inquired about the IRRRL process, she did not seem very interested. Just wondering whether anyone has done a VA IRRRL streamline refi, it would be nice to drop the rate a percent or so.
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Old 10-04-2014, 09:22 AM   #25
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Well tightened credit standards by banks are at the root of the Fed's response to the financial crisis, seems the impacts can affect just about anyone... saw this today LOL...
Ben Bernanke applies to refinance his mortgage, gets denied | Death and Taxes
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Old 10-04-2014, 11:31 AM   #26
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I bought a house and a car after retirement. No issues at all. I do have income from a pension. No one cared or even looked at my portfolio.
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Old 10-04-2014, 11:59 AM   #27
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I ran into problems with my IRA before I was required to take RMD's. The lender completely ignored a $2 million IRA and wanted to see income. Eventually they suggested I show proof of regular withdrawals from it, so I set up a monthly distribution plan with the custodian of $10,000 a month. I then got all the credit I wanted. Needless to say, I cancelled the distribution plan the day after the loan closed before ever receiving a distribution.
Bruce
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Old 10-04-2014, 01:17 PM   #28
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What about 1099 forms, the dividends and cap gains distributions in a taxable account?

Or would you have to make them transfer to your bank account?
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Old 10-04-2014, 03:22 PM   #29
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I ran into problems with my IRA before I was required to take RMD's. The lender completely ignored a $2 million IRA and wanted to see income. Eventually they suggested I show proof of regular withdrawals from it, so I set up a monthly distribution plan with the custodian of $10,000 a month. I then got all the credit I wanted. Needless to say, I cancelled the distribution plan the day after the loan closed before ever receiving a distribution.
Bruce
Your're right Bruce. My sister is a credit union mortgage loan officer and for giggles I asked her if I were to apply for a mortgage whether my Roth conversions (which are totally discretionary) would be counted as income. She indicated that if it shows up on your tax return it will count, discretionary or not. She understands that it is a stupid result, but just indicated that is the way it works.
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Old 10-04-2014, 03:55 PM   #30
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Your're right Bruce. My sister is a credit union mortgage loan officer and for giggles I asked her if I were to apply for a mortgage whether my Roth conversions (which are totally discretionary) would be counted as income. She indicated that if it shows up on your tax return it will count, discretionary or not. She understands that it is a stupid result, but just indicated that is the way it works.
I'm sure that's true. I tried to explain that they just don't understand the fact I can take anything I want from the IRA. They just seem to want to look at the total income reported on your 1040 regardless of its nature.
Bruce
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Old 10-04-2014, 03:59 PM   #31
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No plans to apply for credit, but I wonder if i could list my annual Roth conversion as "pension income" since that is the way it shows up on my tax return and if they ask for verification I could simply provide them copies of my tax returns or 1099Rs from Vanguard. If they are so dumb as to ignore assets then I suspect they are dumb enough to go for it.
I just financed a mortgage, and used my 72t and pension as income sources. It worked, but required a lot of explaining and documentation.
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Old 10-04-2014, 07:31 PM   #32
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Retired now almost 9 years, I just give them last years number off line 37. I have been taking some pretty hefty LTCG and Roth conversations.
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Old 10-04-2014, 08:01 PM   #33
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I receive regular mailings offering VA streamline refinance, Interest Rate Reduction Refinance Loan.
Interest Rate Reduction Refinance Loan - Home Loans

I ran into the lady that processed my first loan (local bank) a couple months back and inquired about the IRRRL process, she did not seem very interested. Just wondering whether anyone has done a VA IRRRL streamline refi, it would be nice to drop the rate a percent or so.
I am in the process of doing a VA IRRL right now. Just initiated it yesterday, so can't tell you much about it yet. I will say though that it's a VERY simple process. My lender isn't requiring me to submit proof of income at all, only some kind of official statement showing where the settlement funding is coming from. In my case, mostly just from my checking account, so no problem there. I told her I don't work, only have pension income, but that my wife is still working. She said she didn't care...lol.

I'm even switching mortgage companies, still almost no documentation required. They just go off my existing VA loan info, I guess. When I went to the office to start the process, all I gave them was a copy of my driver's license, a copy of my latest mortgage payment statement and $40 application fee, info showing my property tax & homeowner's insurance info, & that's it. Cost to me for doing the IRRL will be $500 origination fee, 1/2 % VA funding fee ($1000 in my case) and the required amounts (TBD) for taxes & insurance escrows. That's it. I'm paying all of that outside the refi (estimate to be around $3000 total or less).

I expect my monthly mortgage payment to be reduced about $100 after the refi, so I'll recoup all my out of pocket $$ in a little over 2 yrs. My current rate will be reduced by 3/4 percent. I don't think there's much $$ for the loan originators for this type of refi loan, so that's probably why your loan officer wasn't so interested.
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Old 10-04-2014, 09:37 PM   #34
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I'm sure that's true. I tried to explain that they just don't understand the fact I can take anything I want from the IRA. They just seem to want to look at the total income reported on your 1040 regardless of its nature.
Bruce
As long as that's true, we're golden. I pretty much report prior year 1040 income when asked for annual income (rounded) on credit applications. I know I can back it up if needed.
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Old 10-04-2014, 09:48 PM   #35
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Appreciate the IRRRL feedback.
Looking at Bankrate mortgage chart the rates were about a half point higher when I ask earlier, which would have made a refinance look so so money wise. The end of August was a good entry point, asleep at the wheel and missed that slot. I need to get busy and follow up before the rates bounce.
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Old 10-04-2014, 09:51 PM   #36
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But if you're managing your income for ACA subsidies ...
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