Home Buying in Chicago>Question Details

Clauper, Other/Just Looking in Glenview, IL

I'm 62 and haven't been able to find a job for a year but want to buy another house

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

I just sold my house and got what I paid for it plus enough to pay commission. However I lost my job about 1 year ago and haven't been able to find another. Can I get a mortgage with 30% down and using SS, pension and 401k distribution for income? What are 'income' qualifications?

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Hello - you can use SS, your pension and 401K distribution (must be able to show you have distributions for 3 years) to qualify for a mortgage. As long as your debt to income meets the guidelines (45%) and your Credit score is over 640 plus your downpayment is 20% you should be fine.

I would be more than happy to review your situation with you and determine your best mortgage options. You can either call me directly at 773.516.6859 during the day or 24/7 you can go to my website to apply and get a free copy of your credit report. http://www.guaranteedrate.com/MaryKayLaurent

I look forward to talking with you and having the opportunity to earn your business!
With warm regards,

Mary Kay Laurent
Associate Vice President of Mortgage Lending
marykay.laurent@guaranteedrate.com
http://www.guaranteedrate.com/MaryKayLaurent

o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 870598
NMLS ID 2611 - NMLS Consumer Access - Licensing Information

State License Numbers: CA - CA-DOC870598 - 4130699, IL - 031.0032236 - MB.0005932, WA - MLO-870598 - CL-2611
0 votes Thank Flag Link Tue Sep 3, 2013
email Wesley at

Our Team | United Equity Mortgage Corp.
http://www.unitedequity.us/our-team.html‎
15+ items - Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 773-304-3412.
Paul Gondek Senior Loan Originator. NMLS ID 226276 773-304-3414.
0 votes Thank Flag Link Sat Aug 31, 2013
At 92 you can qualify for a loan provided you meet the standard financial expectations. Lenders can not discriminate against individuals applying for a loan based on age.
0 votes Thank Flag Link Sat Aug 31, 2013
yep.. you got the money..the loan exists
0 votes Thank Flag Link Sat Aug 31, 2013
Speak with a lender. They can tell you what you can and cant afford.
0 votes Thank Flag Link Sat Aug 31, 2013
As long as your debt ratios are at acceptable levels and your credit is decent, you could qualify for a loan. Feel free to contact me and we can review the details.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Sat Aug 31, 2013
Thanks,
I have no debt and have a 820 FICO score. Do I have to begin taking SS, pension and distributions from my 401k in order to get a loan?
I haven't decided whether I want to give up on my job search just yet but I fee like I'm sitting on the sidelines while prices and rates are going up
Flag Sat Aug 31, 2013
Call Tammy Hajjar 773 609 4374 with Wintrust Mortgage, if she can't do it, no one can.
0 votes Thank Flag Link Sat Aug 31, 2013
Thank you!
Flag Sat Aug 31, 2013
Hi Clauper
Your best option would be to talk with a few of your local lenders and see what options they may have for you. Be sure to tell them your full situation up front so there are not any surprises on wither end. Hope this helps.
0 votes Thank Flag Link Sat Aug 31, 2013
Thanks for the quick response. I will talk to a lender but didn't know if this type of loan is even feasible, so I thought I would ask experts in the real estate industry first.
Flag Sat Aug 31, 2013
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