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Replies (8)
- Pat Pribisko, "Pat Pribisko"
- Contributions:1426
You need to contact a bank located in the area of CA you want to live. Talk to a loan officer to see what is possible for you. But, $100,000 is not considered a small mortgage loan.
- Thierry Abel, "Senior Loan Advisor"
- Contributions:10
debpgh,
You will not be turned down because you are not longer working. We need to verify source and continuity of income.
Thierry AbelSenior Loan ConsultantBy Referral OnlyAll California Mortgage, Inc[contact info removed by moderator]
You will not be turned down because you are not longer working. We need to verify source and continuity of income.
Thierry AbelSenior Loan ConsultantBy Referral OnlyAll California Mortgage, Inc[contact info removed by moderator]
- Sean Ogilvie, "California Mortgage"
- Contributions:173
All other things being good, debt to income ratio and credit, your Social Security Income is an acceptable source of income with verification of continuince.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
You will qualify on 125% of your SSI.
Happy funding, Rudi
Happy funding, Rudi
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Yes, you certainly can use your SSI and 401k income to qualify for a mortgage. Generally speaking any non-taxed fixed income (such as SSI) can even be "grossed up" by up to 125% of what it actually is for qualifying purposes.
SSI is generally considered a lifetime benefit so it is almost always acceptable.
To be able to use your 401k income as qualified income you have to have enough in reserve to be able to sustain the current benefit for at least another 36 months.
Some loan programs even allow other savings to be used as qualifying income, even if you are not drawing a monthly benefit from it.
Have you talked to anyone (your financial planner, CPA, or a mortgage planner) about the best plan of action with your funds? It's a very important decision and deciding on the right amount of funds to put down on the house (removing it from your savings so the only way you'll be able to get it if you need it would be to sell or refinance your home), and the right loan amount, takes careful planning.
I hope this information helps at least a little bit. Let us know if you have any other questions...
Sincerely,
Greg
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
@ Pat Pribsko
$100,000 is considered a VERY small mortgage in many markets in California.
$100,000 is considered a VERY small mortgage in many markets in California.
- Tracy Moore, "TracyMooreN.County"
- Contributions:45
I am in San Diego, and a LOT of my clients are relocating here to retire. Most of the time as long as they have a decent down payment, good credit, and some income, it is very easy to get them into great homes or condos. Good luck in your relocation!
- Laura Coffey, "SCV ReMax Realtor"
- Contributions:278
If Southern Ca. Augusta Financial has lots of creative financing. [content removed by moderator] also I hear that HSBC will do "out of the box" loans as well. If you come to Los Angeles or Ventura County I can help you with your Real Estate needs, Good Luck!
I am 60 and retired. I plan on buying a home with cash and maybe take on a small mortgage.
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