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
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.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.
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 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'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