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Retired Buyers Info. When Buying A Home

So questions comes up regularly…am I too old to buy? I am retired what income do banks use? Etc.

There is NO such thing as too old to buy. Banks/Lenders are not allowed to discriminate on age…PERIOD.

Retired Home Buying Process

So what income is allowable to qualify?  There are options:

1.) Social security income can be used. Some good news too…if you don’t pay taxes on social security then many times the lender can “gross up” the income by 20%. Meaning if you receive $1,000 a month and its not taxable most lenders can actually count the income as $1200 a month.
2.) Pension Income is allowable. Lenders will often need to verify this will continue for at least 3 years.
3.) 401K income/IRA income is allowable. This will typically be averaged over the last two tax years and the pay outs must be able to continue for 3+ years at the same rate. So if you’ve been paying yourself $5,000 a month…you must have at least $180,000 left in the account to use that income.
4.) Trust Income can be used…same rules as above (#3) in general will apply.
5.) Alimony and Child Support can also be used although you are not required by law to disclose if you receive these.

Always talk to your loan officer and always ask questions! Don’t be shy. Our job is to help you understand the rules.

Max A Kallos
404-277-5884 phone
678-298-8947 fax
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