close_menu
Latest News

KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market

Real Estate

Retirees stymied by mortgage qualification demands

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.

Hear Real Estate Today on KIRO Radio

  • Hear Real Estate Today on KIRO RadioJoin Tom Kelly every Sunday at 9am on KIRO Radio to talk Puget Sound real estate.

Comments

comments powered by Disqus
close_menu
Latest News