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ALRetiree’s Retirement Story
- Thread starter ALRetiree
- Start date
evilanne
Well-known member
Congrats on your upcoming retirement AL!
I'm not sure about VA loans. Basically they just want to know that you will be able to pay off the loan. It shouldn't be too much more difficult than when you are employed for a reasonably priced home. Typically they will want your recent tax returns, proof of income, assets, outstanding debts, credit check, etc. You might want to talk to a lender and get pre-approved for a loan and ask the lender how your estimated reduction in income would impact how much credit you would qualify for based on your specific situation.
I'm not sure about VA loans. Basically they just want to know that you will be able to pay off the loan. It shouldn't be too much more difficult than when you are employed for a reasonably priced home. Typically they will want your recent tax returns, proof of income, assets, outstanding debts, credit check, etc. You might want to talk to a lender and get pre-approved for a loan and ask the lender how your estimated reduction in income would impact how much credit you would qualify for based on your specific situation.
ALRetiree
Member
I’ve enjoyed everyone’s retirement stories so I thought I would post mine. I’m retiring on 8/31 and I just got my retirement estimate from the Benefits Operation Center. My pension and special supplement numbers seem very close to what I estimated. I was pleasantly surprised to see the federal tax withholding was much smaller than I expected but we will see what happens at tax time to see if that’s a good thing.
My TSP is in great shape and all seems to be in place. I plan on moving next year and we want to buy a new place and then sell the old house. We have a reasonable balance on our mortgage and I’ll likely pay it off once I wait a few months of retirement and see how my final numbers all work out.
I have a question that I’m hoping someone who’s been through this can hopefully answer. Since we are buying the next house before we sell this one, my house money will be tied up in this one until we sell it. We plan on doing a VA mortgage for 100% or close to it until we sell the old house and then either pay it off or refinance to a very small mortgage. My question is it more difficult to apply for a mortgage in retirement? Since a portion of our income is investment income and my fixed income is much smaller than my old paychecks, I’m wondering what hoops does a lender make you jump through to prove your income? Besides that we are looking forward to retirement!
My TSP is in great shape and all seems to be in place. I plan on moving next year and we want to buy a new place and then sell the old house. We have a reasonable balance on our mortgage and I’ll likely pay it off once I wait a few months of retirement and see how my final numbers all work out.
I have a question that I’m hoping someone who’s been through this can hopefully answer. Since we are buying the next house before we sell this one, my house money will be tied up in this one until we sell it. We plan on doing a VA mortgage for 100% or close to it until we sell the old house and then either pay it off or refinance to a very small mortgage. My question is it more difficult to apply for a mortgage in retirement? Since a portion of our income is investment income and my fixed income is much smaller than my old paychecks, I’m wondering what hoops does a lender make you jump through to prove your income? Besides that we are looking forward to retirement!
