Will a lender consider a home loan to a person on a fixed income?

Yes.. How your income comes to you isn't as important as being sure you have enough income to qualify for the new loan along with all of your other debt.. If your 62 or older, you can purchase a home using a reverse mortgage.. You'll have to put a chunk of money down, but you'll never have to make a mortgage payment so long as you continue to live in the home.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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. 480-287-5714 WilliamAcres.com

Yes. As long as you can document it and it is enough for you to qualify.

Yes. Besides documenting the source and amount of the income a lender will also need proof that it will continue for 3 or more years. This is rather automatic for someone who is retired but if you are receiving disability benefits from social security or the VA for example, a letter from your doctor stating the health issues will continue for that long would also be needed. If the income being received is non-taxable, many lenders will allow it to be 'grossed-up' 15% to 25% to equal a comparable taxable income. If your check is $1,000 the lender will qualify you as if you are receiving $1,150 to $1,250.

Absolutely, and in some cases we can gross that income up 125% to help you qualify.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Yes we will, in fact sometimes that fixed income is more secure then other incomes, Give me a call if you need help. Peter Savino - www HOMEMORTGAGEXPERT.com 855 411 LEND

Absolutely! Fixed income is one of the easier income streams to document. You would expect to provide 1.) either your awards letter/pension statement/annuity contract that covers the current year and 2.) the most recent bank statement for the account the funds are delivered toNon-Taxable income (such as Social Security) are increased 125% for underwriting consideration. Good Luck and Great Question!

Yes.

Certainly, as long as the income is enough to support the costs of purchasing the home plus any other debts you have. If the income is not taxed sometimes it it possible to inflate the amount by up to 25% - but it must be verified to continue for at least 3 years after closing.

Fixed income that can be verified can be used.

Absolutely. As long as you can show it will continue for atleast 3 years forward. Good luck! If you're in GA, AL, TN, VA, or SC give us a call. : )