June 12th, 2014 9:42 AM by Jackie A. Graves, President
Did You Know that you can use your financial assets to qualify for a
conforming, conventional mortgage?
Under Freddie Mac
guidelines, Individual Retirement Accounts and 401(k)s, lump-sum retirement
account distributions, or the proceeds from the sale of a borrower's business
can be used to determine a borrower's eligibility for a mortgage.
This is good news for
retiring Baby Boomers and other savvy homebuyers who have limited incomes but
substantial finance assets in helping to qualify them for a low-rate mortgage.
And we have also long
allowed lenders to use income from dividends, interest payments, trust distributions
and Social Security income to calculate a borrower's qualifying income.
about these guidelines and read other Did You Know? posts in our series to celebrate National Homeownership
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