Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for user3559975

Can I buy a property just before I retire ?

I currently live in Colorado and want to buy remote property with housing in Arizona or New Mexico ( 40k to 60k) for when I retire in 2014 . I am okay with a moderate fixer upper that I can do myself. I want to use my current income level (32k) so I can qualify before I have to use my social security income as a qualifier (14k). Since I won't be able to owner occupy for about 6 to 9 months until I officially retire and relocate can I still get financed ?

My factors are :

Chapter 7 bankruptcy dismissed April 2011
No collections or past dues since bankruptcy
Current FICO score up to 629
Current income is 32K
Stable job history
62 years of age
single
secured debt 4K ( car )
unsecured debt 0
401K balance 8K
Not a first time buyer ( had a home mortgage 10 years ago ) no foreclosure but late payments sold the house .

Where do I go for help and is it probable that I can do this at this time ?

Thanks in advance.
  • August 03 2013 - Denver
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (2)

Best Answer

Profile picture for David Widlund
You need to be moving in to the property to purchase it as an owner-occupied property. 6-9 months doesn't qualify. In order to purchase an owner-occupied property two years after a bankruptcy, you must use an FHA loan. FHA doesn't allow for a non-owner-occupied property. If you don't expect to stay in your job, you would need to qualify based on whatever verifiable income you expect to have, which is your Social Security income. The good news is that you can use 125% of Social Security income to qualify so you'll be in better shape than you think. And with a purchase as small as you're talking about, that may be plenty to qualify. But in regards to your questions, my opinion is that you cannot buy now. You may be able to find a loan officer willing to help "fudge" in order to help you do what you're proposing, but questions of fraud could come in to play. Mortgage fraud is at an all-time high, but enforcement is also now at an all time high. It's not worth the risk. Good luck
  • August 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I agree with what David Widlund said. When you are ready to sell in CO, give me a call. I am a listing expert and I would love to help you sell your place. 303-549-7212
  • August 03 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.