For borrowers needing a purchase loan or refiance most lenders require qualification based on either"full documentation" of income (W-2's or tax returns) or "stated" income (for self-employed). There are also programs which require no income to be stated on the loan application ( "no ratio" or "no doc" programs). The catch for retired borrowers is that even with stated income, no doc and no ratio programs, the lender will require verification of 2 years employment in the same profession.
This employment requirement is obviously a challenge for retired borrowers since generally there is no income from employment and no current employment history. So the retired borrower will fail to qualify for a mortgage loan with most lenders even though he/she may have substantial assets and a great credit history.
There are a few programs I have available for retired borrowers that are "stated income" or "no ratio" with no employment history required. The rates will vary depending on the borrower's credit profile and the loan-to-value, but are competitive in today's market. I have a 30 year fixed stated income program with an interest only option available in addition to a 30 year fixed no ratio program and several no ratio ARMS.
Feel free to post a comment about this topic or e-mail me with questions!
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27 comments:
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DO NOT go to that fake paystubs site in the first commentunless you want to spend the next 30 yrs in jail. holy cow. Anyhow the retired market is growing super fast if you are retired talk to linda she can help!
I just found out that the interest rate on an adjustable rate loan is higher than a standard 30 yr loan. I don't think that has ever happened before. http://ncave.com
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What documentation do I need to supply with my application?
Together with your chosen lender’s completed application form, full documentation loans also require applicants to provide evidence of income, savings and details of your purchase, refinance, construction or other purpose for which the loan is required.
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...the FHA reverse mortgage (HECM) has become the most popular mortgage financing for seniors (age 62+). The Home Equity Conversion Mortgage allows seniors to refinance or PURCHASE. There are essentially NO income or Credit qualifying requirements , and the loan amount is based upon 3criteria: 1) Age of youngest borrower, 2) Home Appraised Value 3) Interest Rate
Presently fixed rates range from 5.49% -6.5%depending on the lender, and adjustable rates range from 2.5 - 4%. Not bad for a loan that has NO MONTHLY MORTGAGE Payments for as long as the borrower lives in the home.
Moreover, seniors can receive monthly payments, lump sum payments, or a combination of both. They, nor their estate, will ever be obligated to use other assets if the appraised value of the home falls below what is owed. That's called non-recourse and it is not something that traditional forward mortgtages offer.
It's always a choice to be made by the senior, but this unique loan has saved many a senior from losing their homes. Also, I have seen a number of affluent seniors use the loan to convert an idle asset (equity) into a liquid asset for growth and pleasure because they do not come with monthly payments.
You can learn more at Reverse Mortgage Information Resource
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I admire the valuable information you offer in your articles. I will bookmark your blog and have my children check up here often. I am quite sure they will learn lots of new stuff here than anybody else!
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I know someone who's retired already and he seems to be in need of money. I envy the United States because they have loans and almost everybody can apply. Unlike some countries, only the rich people can make loans.
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We are in the same field and we also provide the loan modification service.We have setup relationships with various outside third parties who have been generous enough to donate the resources neccessary for us to help homeowner's get a loan modification .
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I read your blog very impressed seen this kind of important information’s. Really am interested to back to your blog again to gather some more information’s.
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I'll be availing an unsecured loan for my mom who's already retired. I just wanted to ask what else I need to do in applying. Do I need to have an authorization letter or do I need to ask my mom to accompany me during the process of application, just in case there are things she needs to sign?
Loans for retired people have been developed to meet the financial needs of retired people for making there last stage of life relaxed and burden free.
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I really enjoyed reading this post, I was just wondering do you trade featured blog posts. Thanks for sharing your Blog with others. You really share valuable information,
The document of employment is what most of the time hinders people to apply for a loan. Good thing, we now have financial institutions offering help not just for self-employed individuals but for retired ones too.
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Experienced Nashville mortgage brokers can help you to make the best choice. Mortgage broker helps you in finding the home according to your requirements.
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I read this article and it really very interesting for loans for retired borrowers.It help for the employers requirements and about income.
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retired people can alos take loans now as it is possible to get laon for retired borrowers.
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This is very excellent Blog for all specially for the retired borrower.
Generally, the employee must repay a plan loan within five years and must make payments at least quarterly. The law provides an exception to the 5-year requirement if the employee uses the loan to purchase a primary residence.
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