I'm on a NYC pensiion also (Board of Ed) and yes, you can retire anywhere in the U.S. However beware that if you retire in states that collect income tax, you will be required to pay income tax on your pension. Your NYC pension does not collect income tax if you reside in NY or any of the following 8 states - Florida, Texas, Tennessee, New Hampshire, South Dakota, Wyoming, Oregon or Alaska. Georgia does collect income taxes, so research this first.
Depending on the amount of your pension, you should be able to buy a house. You will need to explain to lenders that your NYC pension is your source of income and you will be required to show proof.
Aren't we fortunate and very lucky? I did my research and except for some areas of the U.S., a NYC pension allows us to live like rich people anywhere in the U.S. Unfortunately most Americans don't understand what we had to put up with during our careers prior to earning our pension.... more
Just all over the place. The link below shows a number of down payment assistance programs available in Metro Atlanta for both first time and move up buyers. There are grants, interest and monthly payment free loans, and more. Guess what! There are at least two programs sitting here on my desk that haven't been added.
The answer to your question will depend on several factors, including your choice of lender, agent and property. GA Dream often takes up to six weeks from contract to close, but you should also know about other programs that are much easier and available for use in those areas. Have a look at the link below for more information on local down payment assistance programs, including grants and more.... more
I agree with Susie. You've already noted that you're working with a REALTOR®. As REALTORS®, the only proper guidance that we would be able to give would be exactly what she wrote. Please have a candid conversation with your agent's broker about your questions.
Without reviewing your contract it's hard to say. I suspect you can get it back. But I support you in your decision to walk away...don't buy someone else's problems, even if it means losing your earnest money.
Buying a Home? Don't Let Them Make a Monkey Out of You! Follow the link below.
When buyers cannot qualify for a traditional mortgage, some often turn to Hard Money Lenders. Caution should be used there though. Many of those types or loans come with a much larger down payment requirement, significantly higher interest rates, and term only for a short period of time. A huge issue then arises if you are still not able to qualify for a traditional mortgage once that term has reached its maturity. You could be out your investment if you are not very careful.
The same can be said for lease purchases. I do not suggest doing lease purchases for a variety of reasons. There are simply way too many things that can go wrong with one from either side.
In order to do true owner financing, the owner must own the property free and clear of any mortgages. Very few sellers are going to be in that position.
If the property currently has a mortgage on it, the owner cannot legally transfer the title to a buyer without the mortgage first being paid in full. Most all mortgage loans have a due on sale clause. This due on sale clause requires that the mortgage be paid in full should a title transfer occur.
The buyer is also at great risk on a lease purchase transaction should the seller quit making their mortgage payments. Right now, many sellers cannot afford to make their mortgage payments or simply chose not to continue making them. I have seen where the buyer is making their rent payment, but then the owner is not paying the mortgage. The next thing the buyer knows is that the home is in foreclosure. That means the buyer will generally not get back any of the money they have given as earnest money or security deposits.
It is also a big risk on the buyer. If your credit is not where it needs to be now, there is no possible way of you knowing it will be acceptable in a set amount of time.
Before entering into any type of agreement like that, the buyer needs to make sure that they fully understand the potential pitfalls that could arise. Should the seller default on the mortgage, the buyer could lose ALL of the money that they have invested. Until you are able to purchase, renting is generally the safer option.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.... more