Retirees stymied by mortgage qualification demandsMay 8, 2013 @ 7:46 am
More and more retirees looking to obtain a home loan may find that solid retirement accounts and a sterling credit rating are not enough.
Lenders increasingly are looking for a consistent monthly income in line with their usual debt-to-income standards. When they look at dividends, most lenders want to see a regular annual amount on the tax return paid out over at least the past couple of years.
In terms of part-time employment, borrowers need to prove they are actually working at the moment of application. In some cases, a two-year work history is required.
A handful of portfolio lenders reportedly are still issuing loans without verifying income. However, their interest rates are higher, as are their down payment requirements -- which often range 30 to 40 percent.
Buses to Blame
Buses get hundreds of cars off the roads, but what happens when they get in the way?
Time for Takeoff
Get to know the Blue Angels as they fly in for Seafair this afternoon
Inside Training Camp
See photos from the third day of Seahawks training camp in Renton
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.