David, Home Buyer in 11725

I live in NY and will be ready to retire next year. I was hoping to purchase a home in PSL with about 20k

Asked by David, 11725 Fri Feb 13, 2009

down and a 600 credit score. My retirement income will be 70k per year. Is this possible?

Help the community by answering this question:


Hello David,

You can absolutely purchase a property with this type of retirement income and these credit scores. My name is Jake Johnson, and I work for a lender that is in 29 states including New York and Florida where I am licensed in both. Many lenders will have trouble with a 600 credit score, however, we are what is called "Ginnie Mae approved" and an expert in lower credit score loans. I work in Manhattan, so please give me a call at any time at 646-737-4481. I look forward to planning out this move into retirement for you!

Thanks again,

Jake Johnson
Mortgage Specialist
0 votes Thank Flag Link Tue Jan 5, 2010
David, I would recommend that you speak with a mortgage broker and figure out what your monthly payments would be and then determine if you have enough left to maintain the lifestyle you would like to have. Then, if you feel it's do-able, give a good Realtor a call and start the search for your retirement home.

Good luck.
Web Reference: http://www.GabeSanders.com
0 votes Thank Flag Link Fri Feb 13, 2009
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