Home Buying in 20910>Question Details

blue52dot14, Home Buyer in Silver Spring, MD

I'm interested in purchasing a foreclosure in silver spring I have cash And rental prop but I retired last year will that affect my ability to

Asked by blue52dot14, Silver Spring, MD Thu Mar 14, 2013

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15
Blue, give Catherine a call. I can tell you from first hand experience that she knows the industry as well as anyone I've worked with. She can help you understand your options.
1 vote Thank Flag Link Thu Mar 14, 2013
Thank you for your kind words Piero! Maybe that is because 46% of my life has bee spent in this industry!!!! Have a super day!
Flag Thu Mar 14, 2013
Timothy Northen, Real Estate Investor Housing can also purchase a Section 8 House from H.U.D.
from an Limited Partnership Investor. Discount Housing because, they have phanthom cash they
cannot collect on. Are you interested blue52dot14, Jerry? Tim works with George Schwelling
Recruiting Services dot com in Silver Spring, MD. freestarter 210.637.1070 freestarterman@gmail.com, Check George's website.
0 votes Thank Flag Link Fri Apr 4, 2014
Hello,
Your qualification will depend on the details of your retirement. You can certainly qualify for a home with enough rental income and retirement income.

I'm happy to help with the financing or just give you advice. So if you need more information or a competing rate quote you can go to my web page, call or email. You can use my live support button to discuss or get advice on anything at all with me.

Good Luck!

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

8555 16th Street, Suite 320
Silver Spring, MD 20910

Direct: 240-752-7549
Cell: 301-651-7822
Email: rhanson@gladewaternational.com
NMLS# 695929
0 votes Thank Flag Link Tue Jan 7, 2014
I would call Catherine Purcell as well.

Catherine Purcell
Senior Mortgage Loan Officer
Over 25 years of Real Estate and Mortgage experience
focused on educating my clients so you can make an informed decision that best suits your needs!
cell 202 573-6035
catherinep@fairwaymc.com

http://www.kensingtonareahomes.com
0 votes Thank Flag Link Fri Mar 15, 2013
Hello blue2dot14,

I am a lender in Maryland and would be happy to see if you qualify for financing....that is, if you do not intend to pay all cash for your purchase.

I can be reached through cell, e-mail or text and will be happy to answer any of your questions.

Catherine Purcell
Senior Mortgage Loan Officer
Over 25 years of Real Estate and Mortgage experience
focused on educating my clients so you can make an informed decision that best suits your needs!
cell 202 573-6035
catherinep@fairwaymc.com

MLO# 194172 FIMC NMLS# 2289
0 votes Thank Flag Link Thu Mar 14, 2013
Lenders are not so much interested in whether you are working or retired. They want to make sure that you have the finances to pay the mortgage. This income can come from a pension, social security, rentals or even savings.

They will also examine your debt to income ratios. Banks look at this two ways: front-end ratio and a back-end ratio.

FRONT END RATIO: This looks at the how the mortgage payment compares to your monthly income. As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 33 percent of your gross monthly income.

Formula: Monthly Salary x 0.33

BACK END RATIO: This formula determines the maximum amount a lender will allow you to pay on all debt including housing expenses, car loans, child support and alimony, credit card bills, student loans and homeowner association fees. Your total monthly debt obligation should not exceed 40 percent of your gross income.

Formula: Monthly Salary x 0.40

This will help you to gauge your finances and the amount of mortgage that you can afford.
0 votes Thank Flag Link Thu Mar 14, 2013
If you are paying cash whether you are working or retired has no factor. Make a good offer without any contingincies and be willing to cloe in 30 days to improve your offers chance
0 votes Thank Flag Link Thu Mar 14, 2013
Blu52dot14
Your retirement has no affect on whether you can purchase if you qualify financially for the loan if you are going to pay cash there is no issue either.
I have a great loan officer that just opened an office in Bethesda
Email me at khutchins@realtor.com
For his info
0 votes Thank Flag Link Thu Mar 14, 2013
Being retired of itself is not a key factor. It all depends on the entirety of your financial picture. If you need to finance any part of this purchase, then talking to a lender is a best next step. If this is the case, Greg Scholl (240-601-9448) is a loan officer in my office who can help you. I am available for a consultation to help you plan your next steps.

Jay Schlaffer
W.C.& A.N Miller Realtor
301-467-7493
202-966-1400
0 votes Thank Flag Link Thu Mar 14, 2013
Your retirement only has an affect on your next purchase if it turns out you don't have enough income to qualify for financing. If you're paying cash, you have nothing to worry about.
0 votes Thank Flag Link Thu Mar 14, 2013
Hello Blue52dot14,




This depends on your purchasing the entire property with cash? if so your retirement and income will not relevant in this equation.


If you are in the market feel free to contact me if you need some assistance. We also have property managers as well.
0 votes Thank Flag Link Thu Mar 14, 2013
Hi Blue52dot14. No it will not affect your ability to purchase.
0 votes Thank Flag Link Thu Mar 14, 2013
Hi Blue53dot14,

If you have cash to purchase outright, income does not matter. If you have some cash and enough retirement income to support a mortgage then you are also fine. Please call me on 301-674-2651.

Donna Heslop,MBA
Real Estate Professional
donnaheslop@gmail.com
http://www.donnaheslop.com
0 votes Thank Flag Link Thu Mar 14, 2013
Hi Blue52dot14, May I ask that we meet in my office to discuss this further?

Miekeba Jones
Heymann Realty, LLC
10230 New Hampshire Ave. Ste.102
Silver Spring, MD 20903
office 301-439-1180
direct 240-715-8284
miekeba@heymannrealty.com
0 votes Thank Flag Link Thu Mar 14, 2013
Hi Blu52 sure you are able to buy with retirement income and my contact information is miekeba@heymannrealty.com.
0 votes Thank Flag Link Thu Mar 14, 2013
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