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Approved for home purchase, and retired
Old 07-29-2009, 10:26 AM   #1
Confused about dryer sheets
Join Date: Jul 2009
Posts: 1
Approved for home purchase, and retired

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.

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Old 07-29-2009, 10:37 AM   #2
Thinks s/he gets paid by the post
Join Date: Feb 2006
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Congrats johnhenry and welcome! Tell us more about yourself when you have time and enjoy the new home!
crazy connie is offline   Reply With Quote
Old 07-29-2009, 12:01 PM   #3
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Thank you for the post.

Can I ask... How much is your house and how much is your income (pension, SS, etc)? Does your income cover the monthly mortgage?

I think (I could be wrong) what people were saying in this forum is that you have to have a stream of money coming in (from pensions, SS, annuities) to get a mortgage loan, regardless of how much money you may have in your IRAs, 401Ks, savings, etc.
tmm99 is offline   Reply With Quote

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