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Is my retirement savings counted as reserves for mortgage purposes?

by talia_hoffman358 from Santa Rosa, California. Feb 4th 2016 Reply


Dan Paladin (dpaladin)
#2 ranked lender in California - 417 contributions

Yes..your retirement funds would count toward reserves....Some investors use a percentage though most will use the entire balance now.

Feb 4th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,797 contributions

Yes, but lenders only consider a percentage.. typically 65%. If your already at retirement age, then they might allow 75% since you wont be subject to a penalty if you withdraw.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Feb 4th 2016
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

Yes they will take a percentage of the savings into consideration

Feb 4th 2016
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Esta Hoffman (esta@estaglen.com)
#300 ranked lender in California - 29 contributions

Talia, I don't have a different answer - just to let you know I am local to you. My office is in Rohnert Park. Would you like to meet and get you preapproved for a home purchase? ehoffman@cmgfi.com 707-328-2864

Feb 4th 2016
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

The simple answer is yes.

Feb 5th 2016
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Larry Gray (lgray_312_247)
#562 ranked lender in California - 1,127 contributions

Looks like you received your answer, yes! The percentage may vary from 65% to 75% counted in reserves. I had my offices in Santa Rosa for many years! NowI office in Marin County where we now reside but still do a lot of my business in Sonoma County. It is a wonderful place we go back up to regularly.

Feb 8th 2016
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