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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Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, as well as the rest of NC.  North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.

Written By: Russell Smith