Talk of The Villages Florida - Mortage Problems

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Mortage Problems

My understanding is that the new banking laws make it more difficult for people without a fixed income (such as a salary) to qualify for a mortgage - even if their investments provide a more than adequate income.
My question is: Has anyone had this experience or know more about how this will affect current or soon to be retirees?

I called Citizens First Discount Mortgage a couple of months ago to get pre-approved for a loan. The loan officer didn't seem to think we would have any problem with obtaining a loan. We're both retired and on a fixed income. He did say that our income was not enough to be able to prchase a home in TV and keep our present home mortgage. Didn't want to do that anyway.

Quote:

Originally Posted by taylor111947 (Post 282197)

wE HAD THE SAME PROBLEM. MY HUSBAND WORKS CONTRACT JOBS, FOR WHICH HE IS WELL PAID. THEY WOULD NOT ACCEPT THIS SINCE THEY ARE NOT LONG TERM...MEANING YEARS. wE HAD TO HAVE ONE OF OUR 401K FUNDS SAY THAT WE WERE GOOD FOR A MONTHLY DISPERSEMENT. We had to accept one dispersement and then cancel it. But... we did close the loan.:BigApplause: