Accidental Retiree
Thinks s/he gets paid by the post
- Joined
- Feb 17, 2012
- Messages
- 1,500
Notified employer yesterday of my resignation.
Hit a small bump today when I went to get a pre-approval for a mortgage. Had to put 50% down as they would not consider assets and only income in which I'll be at the military retirement of $38,500. Qualified me for $162,500 at 3.25%. Not what I wanted as we were planning to put down just 20% to avoid PMI. According to ESPlanner, the additional 30% down will cost us approximately $5K annually in our discretionary spending budget. Oh well, I'm sure there will be many more bumps along the way.
Re: For your next mortgage, you may want to shop around a bit. We have found that lenders don't accpet our paying ourselves out of our regular savings account--that is just asset depletion.
However, once DH put in the paperwork to make distributions from the tIRA and got the first payment into the checking account, things changed,
as long as the account shows that those distributions can continue for 3 years.
I can't recall whether your pension-matching VG funds have already been taxed or whether they are from your as-yet-untaxed retirement funds, but consider your sources. The lenders want you to be drawing funds out of retirement accounts in a regular income stream and paying the taxes on those funds.