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.
Obama Lands in Seattle
President Obama's motorcade is expected to snarl traffic in Seattle during his visit
Seeking a Sequel
Danny O'Neil has 3 things things to watch for as the Seahawks start training camp
Attack of the Moles
Think your lawn is pristine? If you end up like Dori Monson, you'll need a mole plan
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.