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VA loan for retired and no income currently

I retired last year and have no inceom but confident i can support a VA mortgage being the interest rates are looking low. Credit has always been good - 737. What can I do by johnr362889604 from Indianapolis, Indiana. Sep 22nd 2014 Reply


Justin Murray (JustinMurray)
#102 ranked lender in Illinois - 172 contributions

Here at RBS Citizens & Charter One Bank we are a Portfolio Lender, meaning that we don't sell of these loans like most banks and lenders. With that said, this gives us great flexibility to be able to make many underwriting exceptions. I would need to discuss your current asset situation further in order to offer you a solution, but am confident that we should be able to offer you something that fits your current needs. Feel free to call at anytime.

Sep 22nd 2014
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Larry Penilla (Larry Penilla)
#5 ranked lender in Indiana - 22 contributions

Hi John,You will need a source of income sufficient to qualify for VA financing regardless of the lender you choose. Repayment/ability to repay is based upon your income. Whether it's pension, social security, W2 wages...If you want to discuss your scenario with an Indiana mortgage banker with 28 years of experience with VA loans and a VA underwriter down the hallway...give a call or email. Thanks.

Sep 22nd 2014
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Michael Patterson (MichaelPatterson)
#52 ranked lender in Washington - 71 contributions

The VA does require income calculations to be made by the underwriters. All retirement income can be counted. Social Security income can be counted. Any military disability can also be counted... which, if disabled, whatever percentage of disability is received, (say, 30% disabled...) can be "grossed up" to qualify, considering that portion of the disability income is non-taxable. The VA does require lenders to confirm that the veteran have the ability to cover the payments and managing of a household budget on any particular property. A reserve requirement is calculated in addition to income, but if living close to a military base where a veteran can use on-base resources say, for grocery shopping, this reserve requirement can be reduced by 5%.

Sep 22nd 2014
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Joel Asbury (Winterwood)
#45 ranked lender in Indiana - 34 contributions

Hey John. . . I wanted to reach out to you to let you know that there are plenty of options available to you as long as you are receiving some sort of pension, social security, or VA benefits income. As a local Indy brokerage, we have successfully closed thousands of VA mortgages over the last 22 years, so we certainly have the resources available to you. The second thing you can do is give me a call. The first you already have by reaching out here in this forum. Let's work together to reach your goal. I'm here for you, brother! I'm looking forward to getting things worked out for you and your family. Thanks for posting, and I hope we can chat soon.

Sep 22nd 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

As you're seeing from others, you must have some type of documentable income to qualify for a VA (and really any other "traditional" type of mortgage). Your score is a great start, but you will need to document income that can be counted and verified.

Sep 22nd 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

You are not required to be employed, but you are required to have income if you wish to use VA financing.. if you have no pension, retirement, disability payments, or social security, then you still might be okay.. If you have a professionally managed brokerage account and you setup a regular withdrawal, and if that withdrawal which is deposited into your personal account is sufficient to pay your monthly obligations and you are within the 43% to 50% debt to income requirements, and you have enough in the brokerage account to sustain this regular withdrawal for at least 3 years, then that would be considered as income for loan qualifying purposes.. 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

Sep 22nd 2014
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Tracy Davis (TracyD)
#37 ranked lender in Indiana - 9 contributions

please contact me at 765.413.8806 I am a lender in the Lafayette, IN area. I would like to discuss some of your options and ask you some questions. thank you my name is Tracy Davis

Sep 23rd 2014
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