Myth Buster of the Week:
True or False: Retired people, or people on fixed income cannot qualify for a Loan.
False! It’s surprising to me just how many people think that being on social security or disability means you can’t get a loan.
That is simply not true. As long as the amount of the mortgage taxes, insurance, and all consumer debt is a certain percentage of your income, then the lender approves you regardless of the source of the income.
Your source of income must be stable and have 3 more years of life left. For example, you can’t qualify with unemployment because it’s temporary. But you can qualify with permanent disability.
If you have any questions about qualifying on fixed income, or when retired, please ask me and I will be glad to demystify the lending rules for you. Don’t turn away that buyer!
And YES we still have interest only loans!