your SS income will sufice income requirements and will be calculated as follows (i.e $2,000.00 gross income TIMES 125% =$2,500.00 )
That means your Monthly payment could be 50% the $2,500 SS Income.
The 30% down might be required depending on your Purchase price. if you need a pre-Approval or And approval letter with TBD Property Address. please feel free to contact me at firstname.lastname@example.org or call my mobile phone 626 703 3200
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Several of my lending partners have assured me that you would be able to qualify for a mortgage loan, retired or employed, with the scenario you provided. In fact, according to the lenders, if you'd like to put down less than 30% it would also be possible to qualify for a mortgage.
As a real estate broker, the lenders I work with do their best to make sure my clients do not extend beyond what they are comfortable paying. With the SS, pens and 401k as income, the lenders will discuss with you what payment you feel comfortable paying every month and then let you know the maximum price home you should buy.
Keep in mind you may be able to 'afford' a higher priced home but the lenders will make sure you stay within the right price for the payment you want to pay. As a real estate broker, my job is to help you find the home that is right for your needs that fits within that budget.
If you have additional specific questions, or would like a referral to a local lending partner, please contact me directly.
Best to you on your search!
Quality Mortgage Lending
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*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
I am sorry for the delayed response. I just started getting messages from Trulia, and most of them have been junk mail.
I am not a lender so I cannot answer your question with any certainty. The lending requirements shift monthly, if not daily. I can send you a few names of people who can answer your question though, if you would like.
A private Lender would be more flexible then a major Bank.
Let me know.
Your credit score and down payment % are excellent. Those are acceptable sources of income for a conventional mortgage as well, however, i'ts important to still have a qualified local mortgage professional calculate your debt-to-income ratio.
Please let me know if I can help you further with your upcoming new home purchase.