Retired Borrowers, Need Help Qualifying for a Mortgage Because of High Debt Ratio?

Retired with new income distribution from retirement account
Retired with new income distribution from retirement account

Did you know that a retired borrower can use a new distribution of income from a retirement account as qualifying income for a mortgage loan as long as the income from the asset should continue for at least 3 years?  Sometimes a buyer may not have enough social security or pension to qualify for a loan which makes the debt ratio too high so starting a distribution from a 401k or IRA could help in getting an approval.  Even if the borrower has not been receiving the distribution from an asset account for 1 – 2 years or more, the income can be used as long as it meets the continuance guidelines and a structured amount is set up for monthly or more frequent for the income.  A retired borrower may set up a monthly distribution from an IRA or 401k and actually count the income within 1 – 2 months of starting date as long as we can prove that it is likely to continue 3 or more years.  Another option is reviewing a Reverse Mortgage to see if it works for you.

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Written By: Russell Smith

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