Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: Can I count my retirement pension towards qualifying for a mortgage?
Yes, your retirement pension can count towards qualifying for a mortgage! Under certain requirements.
Simply being retired doesn’t preclude you from qualifying for a mortgage, as your age is protected against discrimination under the Equal Credit Opportunity Act! As long as your pension is permanent and not subject to change or review, your pensions typically counts as qualifying stable income. This shows the lender that you’ll be able to repay your mortgage moving forward, thanks to your pension!
This is just one piece of the puzzle, as you still have to meet other standard mortgage requirements (such as credit score or debt-to-income ratio). Contact us to review your individual mortgage needs and qualifications! We’ll help you buy your new home to enjoy retirement in.