No matter what type of mortgage loan you’re applying for, you’ll need to present proof of income when you apply. This helps demonstrate to the lender that you’ll be able to make the minimum monthly payments without trouble until the loan is repaid in full. When you apply for a VA loan in Dallas, the income requirements are a bit more flexible than what you’d find with a conventional mortgage, but what happens if you’re retired? Can you use your retirement income to qualify for a new home loan? Here’s what you need to know.
Look at the Requirements of Each Lender
Though your VA loan is backed by the VA, the department doesn’t control the requirements each lender can put in place. This means you’ll want to research your options before you apply. Check with different lenders and find out what their income requirements are. Let your mortgage broker know that you’re retired and plan to use your retirement income to satisfy the requirements of your VA loan for your Dallas home.
Most Will Accept Retirement Income
The great thing about using a VA loan in Dallas is that almost all lenders will allow you to satisfy income requirements with your retirement income. This is true whether you’ve retired from a civilian job with a pension or retired from your military career. They’ll also allow you to use any Social Security and Social Security Disability Insurance payments you receive to bolster your retirement income.
You May Need to Make a Down Payment
If lenders are worried about your income levels when you apply for a VA loan in Dallas, they may ask you for additional documentation or ask you about different income sources you might receive. This could be anything from retirement plans, investments, and even part-time employment you’ve taken on to give you access to extra cash. The more income you can prove, the easier it will be for you to qualify for the lowest rates and the best loan.
Get Help With Your Application
Applying for a VA loan in Dallas when you’re retired is doable, but the process can be a bit more confusing and time-consuming if you’re not prepared. Reach out to the experts at Mortgage Solutions Financial and let our team guide you through the process. We’ll help you find the best VA loan for your new home purchase so you can enjoy retirement without breaking the bank.