Home Buying in Chicago>Question Details

Clauper, Other/Just Looking in Glenview, IL

I guess I didn't ask my question clearly enough. Can I even qualify for a mortgage IF I am retired?

Asked by Clauper, Glenview, IL Sat Aug 31, 2013

w/30% down, no debt and 820 FICO IF I have to use SS, pens and 401k as income

Again - thanks!

Help the community by answering this question:


Yes you can obtain financing I am in wholesale lending and we get loans from Brokers from all over the Country just with the same characteristics as yours!

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 reynagaoscar@yahoo.com or call my mobile phone 626 703 3200

Free advise doesn't cost to you or any Agent in this site!
Thanks for reading
1 vote Thank Flag Link Tue Sep 3, 2013
Thank you
I will contact you when I start seriously looking. I appreciate the example you used in your reply. I wasn't sure if I could even attempt to get a mortgage if I was no longer employed.
I have some questions about using pension and 401k distributions but I will send you a separate email
Flag Tue Sep 3, 2013

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!
1 vote Thank Flag Link Tue Sep 3, 2013
absolutely you can.... how soon would you like to move?

Riccardo Wardlow
Quality Mortgage Lending


*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
1 vote Thank Flag Link Tue Sep 3, 2013
Retirement has nothing to do with it.

Your verified sources of income is what matters.

Speak with a Lender.

Should you need any assistance, feel free to contact me.
Web Reference: http://www.BJDLOANS.com
1 vote Thank Flag Link Tue Sep 3, 2013
Its impossible for us to know this info. You need to talk to a lender. Most of them are going to need more info than this.
0 votes Thank Flag Link Sun Sep 1, 2013
Not to be rude, but what does "retirement" have to do with it? Are you equating retirement with age; are you equating it with income from other than a job? Think about your question. Income (from a reliable, steady source) is still income. Agewise, I know people who retired at 45. I personally retired at 55 after 30 years on a job. And, the person who is telling you that "no debt" is a requirement is barking up the wrong tree. It boils down to LTV (loan to value), DTI (debt to income) ratio. Yes, you would be a shoe-in for a mortgage with 30% down; you might even look at hard-money loans where your income is not even necessarily stated. Ask yourself: Based on my income, what can I afford -- then get a good mortgage person to walk you through the process.
0 votes Thank Flag Link Sun Sep 1, 2013
BTW - renter by choice; homeowner for 30 years till moving - so, don't assume I'm not informed. Thank you.
Flag Sun Sep 1, 2013
My web site has some lender references. You need to give a few of them a call and see what they might be able to do.
0 votes Thank Flag Link Sun Sep 1, 2013
Thanks, Philip
Flag Sun Sep 1, 2013

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.

Sandra Amani

0 votes Thank Flag Link Sat Aug 31, 2013

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.


0 votes Thank Flag Link Sat Aug 31, 2013
Ah - thanks! That is the information I am looking for...I wasn't sure if the conventional debt to income ratios apply if my income is non-conventional
Flag Sat Aug 31, 2013
Yes as long as your income is sufficient - contact a lender to review your qualification. I am happy to help.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
0 votes Thank Flag Link Sat Aug 31, 2013
yes. I am in glenview and can help you
0 votes Thank Flag Link Sat Aug 31, 2013
Pension, 401k and SS all qualify as income.
0 votes Thank Flag Link Sat Aug 31, 2013
Yes, if you have regular, verifiable income.
0 votes Thank Flag Link Sat Aug 31, 2013
Go and talk with a lender ...
0 votes Thank Flag Link Sat Aug 31, 2013
Yes, as long as you have the retirement income to qualify you, then you can buy.
0 votes Thank Flag Link Sat Aug 31, 2013
You can definitely qualify. Pension and IRA income is still treated as ordinary income for qualification purposes.
0 votes Thank Flag Link Sat Aug 31, 2013
yep.. if you are a 40% debt ti income you can get a loan
0 votes Thank Flag Link Sat Aug 31, 2013
Maybe - why not go talk to a lender to see and then you will know for sure. We here just guess. It's free to find out.
0 votes Thank Flag Link Sat Aug 31, 2013
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