My wife and I are trying to buy a house, we both are retired and without jobs. What can we do or how can we solve this?
We just started a new business this week and have jobs waiting to be completed. We have great credit, many assets, from rental homes to a producing farm, royalties, and stock market investments. Next year I can draw Social Security, and I have a large annuity coming in 6 yrs. We have found a home to bid on but can't get financing thru normal avenues becuase we do not have jobs. What can we do or how can we solve this?
If you're spouse are 62 or older you could qualify for a reverse mortgage purchase. You could use income from the rentals and that may cover the mandatory taxes and insurance. It would be something you could talk over with a lender, they should be able to help you out. | 03.02.16 @ 00:48
Income is required to get financing, not employment. While future income (annuity and social security) aren't viable qualifying income, but rental income , royalties, and capital gains can be. Have you asked a veteran lender to look over your tax returns to calculate your qualifying income per Fannie Mae guidelines? Anyone who just says "you need a job" either doesn't comprehend guidelines or understand how to calculate qualifying income. Feel free to contact me through my profile if you like, I write loans nationally. Thanks, Ted | 03.02.16 @ 04:37