Home Buying in Lansing>Question Details

Inthemarket, Home Buyer in Lansing, IL

i`m retired have monthly annuity will have 20% to put down will i have a problem securing a loan?

Asked by Inthemarket, Lansing, IL Sun Apr 29, 2012

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The underwriting guidelines for income ask for proof that it will continue for a minimum of 3 years - so it's just math to figure that out. I'd be happy to run through the numbers with you. The other advice posted about credit report and assets would also factor in. I can be reached best at 630-877-4663.
0 votes Thank Flag Link Mon Dec 16, 2013
Hello Inthemarket,
Your first step is to contact a lender so that they can take a look at credit and income to help you determine what you will be able to qualify for. As long as your annuity payments will continue for at least 2 years, and the income supports the payment, they type of income you want to use is not a problem. Please feel free to give me a call if you'd like to have a further conversation regarding pre-qualification. I'd be happy to help.

Cecelia Marlow
The Federal Savings Bank
Mortgage Banker
0 votes Thank Flag Link Wed May 2, 2012
The 20% down is great and should help you secure a loan, as long as your income can support the payments. I suggest that you contact a Loan Officer and get pre-qualified for a mortgage. If you need a good Loan Officer I can recommend 3 or 4 good ones.


Bob Slightam Broker / Owner
American Patriot Realty, Inc.
0 votes Thank Flag Link Sun Apr 29, 2012
It depends on your outstanding debt and your fixed income.
Please give me a call and we can discuss this
0 votes Thank Flag Link Sun Apr 29, 2012
I agree with Tim. There are many other factors involved including debt-to-income ratio, credit score, etc. You should contact a local mortgage broker or loan officer who can help you. Good luck!
0 votes Thank Flag Link Sun Apr 29, 2012
There is just no way anyone here could answer that question, there are too many unknowns. You need to speak to a couple loan officers or mortgage brokers and they can tell you.
0 votes Thank Flag Link Sun Apr 29, 2012
k thanks 4 the reply
Flag Sun Apr 29, 2012
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