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Would an IRA or being the beneficiary of an insurance death benefit be considered in qualifying for a loan

by spravkall144 from Elyria, Ohio. Sep 3rd 2014 Reply


Tim Bradford (Tim Bradford)
#6 ranked lender in Ohio - 145 contributions

Spravkall144, Only assets that are available to you TODAY can be used for liquid assets. A beneficiary interest would not meet that criteria. The top three items needed to obtain a loan today are CREDIT, INCOME and Down Payment. If you share more information, there should be lenders available to assist you.

Sep 3rd 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

If the IRA is your own funds a % of it counts as an asset. If you plan to withdraw some of the funds for a downpayment the underwriter would likely want to document you actually did that as a final condition for your loan approval. Beneficiary of an insurance policy if not an immediate asset, but cash value of a policy that is in your name and immediately available does count as an asset.

Sep 3rd 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Only if it is currently paying out, and you can prove it will continue for at least 3 years.. the rules are very specific.. For IRA's that YOU OWN, if you are at the age where you can start withdrawing, then so long as there's enough income to pay for 3 years worth of withdrawals, then yes, that income would be considered.. for being a beneficiary on someone's life insurance policy, no.. you cannot use monies that are not yours.. so until the benefit is paid out, that money does not exist.. 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 3rd 2014
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