Can I still buy a home if I'm retired?

Well really it's for my dad he wants to retire. and he is trying to buy a home.Now we talked to a lady at the mortgage company and with the program he is getting.. he cant purchase he home if he is retired (something about no income) but i don't understand when my dad retire he would get more money at home then working. Now when purchasing a home they need proof of income!! so why cant they uses his retirement income(the money he gets every month)

well my question is do any of you know how you can go about purchasing a home if he is retired?? any programs or something??

thanx in advance!!Can I still buy a home if I'm retired?
of course you can buy a home even if you are retired.



as long as you have money to pay back the loans and money to put down on the house there is no reason why he wouldn't be able to buy a home.Can I still buy a home if I'm retired?
Is he retired right now? If not the issue is probably the inability to prove his retirement income. Most guide lines require a 2 year history of earnings to support an average gross monthly income. If he is going to retire in a month the lender will have to use his current income to qualify not his projected future earnings. You may also want to speak with a mortgage professional as well. Let me know if you need more info or help.
Retirement isn't the issue. Debt to income ratio, along with the likelyhood of continued income ARE the issues. If his income is guaranteed, and if his monthly gross income is enough to offset his monthly liabilities (mortgage payment, taxes, insurance, credit cards, car payment, etc.) then he can get financing. The amount he wants to finance is an issue.



Again, it's not the fact that he's retired. His income/monthly debt is the main factor. Maybe he should try to finance less? can he pay off some debts?



And of course, this is assuming he has an approvable credit score and credit history.
Most cities have senior centers or departments on aging affairs that can help with information. There's no reason he can't get a mortgage but does he really want the expense and maintenance costs? He thought think about a condo or senior community where the maintenance is provided so he can enjoy the retirement without the responsibility. He's in his 60s now but will be in his 90s having a mortgage and lawn/house chores. Is that how he wants to spend his retirement? Why don't YOU buy the home for him and let him rent it from you?


You do need to show proof of income to show that you have the means to pay back the mortgage loan. Maybe his retirement income is insufficient for the payment he will need to make. Rule of thumb, your mortgage payment should only be about 25% of the income you bring in. Do the math and see where he is, and call the mortgage company for more details on why he was denied.



And, any lender looks at overall debt. Does he owe many other lenders? Car note? credit cards, etc? Maybe he is overextended and they feel that giving him an additional loan would be risky based on his portfolio.
You need to go to your local Bank what the mortgage company is telling you is that they have a special program and if he retires he is not eligible for the program. Then He should look elsewhere like his local bank

Many mortgage company offer special programs such as the first time home buyers.

I am on social security and I got a mortgage.
Social Security and pension payments are income. If the lender won't take a loan application based on his actual income (income that's expected to continue, not income he earned before he retired), find a different lender.



Of course if he can't pay the loan with his current income, he can't get the loan - I think banks have had enough of making loans to people who can't pay them back.
his retirement income is probably not enough to pay for the kind of house he wants in the area he is living in - if he couldn;t afford to own a house when he was working, I don; see how he can afford when being retired, where his income is probably a lot less than when he was working
He should go to a different mortgage place to look for a different program. If he has a pension or investment income that will count. Will depend on what program it is that he is trying to get into, they may have their own specific rules.
There are no ';programs.'; He (or you) will have to qualify for any loan - but verifiable pension income should be considered by a lender.
If you have the money, you can buy a home.
yes you can duh
yes
yes