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I'm 61, semi retired starting social security at 62. I own my home in NY. I want to move to NC or TN. A VA mortgage is an option but they want me to already have a job in the new state before getting pre approved.
Are there other options?
I have great credit, will be using cash from sale of my existing home ( rough estimate after talking to a realtor $250000) to put towards new house, more than enough in IRA's to cover purchase price. I'm still working now.
I'm told nobody is accepting offers contingent upon the sale of my existing house so they all say to get pre approved for purchase.
I think what Mike said is your best option, though I do want to note that we had a VA mortgage approved in another state before we moved. But our retirement income was verifiable, and it was not going to change. They approved us for X amount, and the rest fell into place with our home sale, when that was complete we made an offer on a house.
BUT, this was in 2019, before real estate got crazy.
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the issue today is most lenders sell the mortgages. …the income requirements must conform to those firms who buy those mortgages regardless off assets.
some banks will do asset based lending where they count part of your assets but here they are few and far between.
despite multiple 7 figures in assets until i filed for ss it was a tossup as to whether the under writers would approve me
We have consistently used Loan Depot for VA, and they have never sold our mortgage.
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We have consistently used Loan Depot for VA, and they have never sold our mortgage.
I tried veterans united and they said I needed proof of income where I was moving to to get pre approved which I don't have because I'm not sure where I'm going to find a house I want.
Maybe I'll wait a year and see how things go.
I thought about that but I would be using a good chunk of sale profits thrown away on paying rent.
And I have a large dog which makes it harder to rent.
I thought about that but I would be using a good chunk of sale profits thrown away on paying rent.
And I have a large dog which makes it harder to rent.
well if you can rent cheaper then buying since we rarely rent what we would buy and had that lump sum invested you may find you are actually a head .
we are by renting …if i had to spend 450k to buy an equivalent apartment in a co-op or condo , plus the 1600 a month taxes and maintenance charges , we would give up a minimum of 22k in income on that money spent with a net difference in cash flow of 18k a year less if we buy .
so you have to consider more in to the equation when you have a big lump sum and have options.
renting may not be thrown if away money since that money not tied up could be working for you.
i am not saying it may be a better deal in your case but for us it is
I thought about that but I would be using a good chunk of sale profits thrown away on paying rent.
And I have a large dog which makes it harder to rent.
You should not have a problem finding a dog-friendly short-term apartment lease, unless you are moving to a rural area.
Yeah, there's a price, but you are paying a price anyway right now.
It is great to narrow down where you want to buy when you are actually on the ground in the targeted area and learning your way around.
I'm 61, semi retired starting social security at 62. I own my home in NY. I want to move to NC or TN. A VA mortgage is an option but they want me to already have a job in the new state before getting pre approved.
Are there other options?
I have great credit, will be using cash from sale of my existing home ( rough estimate after talking to a realtor $250000) to put towards new house, more than enough in IRA's to cover purchase price. I'm still working now.
I'm told nobody is accepting offers contingent upon the sale of my existing house so they all say to get pre approved for purchase.
Reality check. Forgive me for being blunt but whoever "they" are recognize that you are in fantasy land and not ready to commit to anything so "they" are shining you on.
You don't even know what state you want to live in.
You need to figure out what city you want to move to, then the part of the city, then the neighborhood, then figure what the real estate market is like, then walk into local banks and talk about mortgages. That's when you might get taken seriously.
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