Financing in 21811>Question Details

Pat Mcgill, Other/Just Looking in 22901

How does a retired person who is no longer working qualify for a mortgage?

Asked by Pat Mcgill, 22901 Mon Mar 21, 2011

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Dunno. But my Aunt has an nice affordable home for sale in an over 50 community with beach amenities at 25 Federal Hill in Ocean Pines, MD!
0 votes Thank Flag Link Wed Sep 11, 2013
You as a retired person, have a slight advantage over a regular person working a 9-5 job. FHA allows us lenders to gross up your income up to 125% of actual income. In addition, the majority of consumers over 65 have really good credit and very little debt. This is recognized by the underwriter and taken into consideration when figuring out the max debt-to-income ratio. So if you are interested in applying for a home loan, I wouldn't be too concerned.

Take care,

George Raymondo
NMLS#:242639
graymondo@afncorp.com
http://www.AFN-Loans.com
0 votes Thank Flag Link Mon Mar 21, 2011
1 major criteria of qualifying for a mortgage is income, retirement income also count.
0 votes Thank Flag Link Mon Mar 21, 2011
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