I plan to retire within this year and plan to relocate to the Bradenton/Sarasota area and purchase a 3bd,2B home.

Asked by Littlezealot, Sarasota, FL Tue Feb 19, 2013

My question is whether it is better to try to purchase this home before I leave my job and sell my current home or go ahead and retire and use my retirement income(about 41,000 or 53,400 with a part time job) to qualify. What is the income to expense ratio a lender looks for?

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6
Chris Luis, , Bradenton, FL
Sat Apr 13, 2013
This advice on local lenders is misplaced if they don't have the loan programs that fits your needs. You just want a mortgage with your source of income.

The DTI for most is 31/43, and can go as high as 45/50 depending on your credit score

Whether you use our firm or not, visit our site at http://www.sayyes10times.com and we answer all your questions

CL
0 votes
LaRosa Team, Agent, Sarasota, FL
Wed Feb 20, 2013
Hi There!
You have been given the best advice in contacting a local lender to see what path would be the best option suitable for you. Here is a great lender I work with in the Sarasota/Bradenton area.
Blue Skye Lending; Dan Mazik
8130 Lakewood Main Street, Suite 205
Lakewood Ranch, FL 34202
Office: 941-256-8420 ext. 132
Cell: 941-920-1970
E-fax: 866-443-1026
Email: dmazik@blueskyeloans.com
Web: http://www.blueskyeloans.com
Contact him for further help in getting the process started so you can meet the timeframe of relocating here to Sarasota/Bradenton. Do let him know he was referred. :)
If you haven't committed to an agent yet, my partner and I are would love the opportunity to give you our very best and show you all this area has to offer. Check out our website and receive daily market updates and new property listing coming on the market.

Sincerely,
Stacey LaRosa
LaRosa Team
Atchley International Realty
larosateam@gmail.com
941-539-1596
0 votes
Karen Nicolls, Agent, Lakewood Ranch, FL
Wed Feb 20, 2013
A mortgage professional can help you make this decision by discussing with you the types of loans for which you would qualify, your initial out of pocket expenses and your monthly mortgage expenses. I work with two that I can highly recommend. If you have any retirement accounts with your local bank they may have a financial adviser who can help you make this decision.

Right now, prices in this area are increasing and our supply of properties is low. It's impossible to speculate on what our market will be like later this year. If you decide to purchase now perhaps you would be interested in buying a house or condo that could be rented until you are ready to retire and live in it full time. This would cover your monthly mortgage expenses for now.

I'm available to answer any other questions you have and provide referrals to mortgage professionals. Let me know how I can help.

Karen Nicolls, Realtor
Atchley International Realty
941-713-4204
Karen@KarenNicolls.com
0 votes
glendamathes…, , Lakewood Ranch, FL
Wed Feb 20, 2013
My best advice to you is to contact a mortgage professional who will be able to guide you through all your options and I would be happy to send you our professional affiliates contact details.

Please feel free to contact me with any questions regarding any other relocation questions you may have.

Kind regards
Glenda Matheson
Coldwell Banker
0 votes
Steven Goldm…, Agent, Bradenton, FL
Tue Feb 19, 2013
In a perfect market you could purchase here in FL. But, consider this, do you want to have the worry of owning two homes in two different states when you retire? You may sleep better at night and enjoy your retirement time without the problems of management of a property far away.

The posting says your present home maybe in Sarasota. The problem is still owning two homes.

When you are ready to make a move, do not hesitate to call or email me.

Steve of Wagner Realty, Bradenton Beach, FL 941-374-1019 http://www.teamfoldes.com
0 votes
Jen and Mark…, Agent, Holmes Beach, FL
Tue Feb 19, 2013
It's best to speak to a local lender who can explain the different loan programs available to you. Feel free to give me a call or contact me through my website and I will be glad to get you connected with a good lender.

Jen Bowman, Broker Associate
Keller Williams Realty on the Water
licensed in GA and FL
941-840-0117
0 votes
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