Excellent credit rating below 20%, no debt except student loans (to be deferred during residency), retirement savings and assets, for example, two cars paid. The problem with moving so I’ll need to find a new job (same field). The man is a proof of contractual salary (the doctor can make his residence), but does not begin until July. Is there a co-signer if needed. Want to be a tax advantage, if possible.
The house is fully paid. It has not yet received a social security even if the application is pending. Chronologically, he is 55, but doctors have put him near the physical age of 70 because of the many, many health and mental disorders.
You need to shop for a mortgage. Every lender is being extremely tightfisted. Try your local bank first. Wells Fargo is good. The tax credit ends April 30th. You will never make it.
I would recommend trying out http://www.LendingTree.com. They extended the tax credit once so they may do it again.
If you are looking for a customizable home warranty to cover your house here is a link.
First of all verify that you qualify for the tax credit. If you don’t, then there is no reason to rush.
1. Do you and your husband make less then 245K. The limit is 225K for couples, but you can get partial credit up to 245K.
2. Neither of you have owned a home that was a principle residency in the last 3 years right?
3. Are you looking at homes costing 800K or less?
If so, go see a lender and have him verify your options. Lenders can use employment letter, but I’ve only seen that done when the job is eminent. There is one way that this makes easy sense though …
As long as you are in contract by April 30, and close by July 1, you can get the credit. So if the seller is willing to do a 2 month close…. your job start date may not be an issue.
In either case, make sure you see a lender…and then go find a house you want. The timing can work but you’ll have to work fast!
I believe the 62 age is pretty firm.
He could always look into a HELOC. He would have to make a low interest only payment but it’s another avenue for tapping into the equity.
A reverse mortgage is basically a loan on the equity in your home. The older you are and the more equity you have the more money you get and there is no monthly payments because basically the bank is buying your home. I don’t believe they will even consider a loan for anyone under the age of 62.
You can still get an equity loan at your age but it will require monthly payments. Maybe you could get the equity loan to hold you over until you are old enough for a reverse mortgage.
You must be 62 in order to qualify for a reverse mortgage in the US. The house does have to be completely paid for and there are no minimum income or credit restrictions. The only thing that has to be done is talk to your local HUD office as they usually make you go through a “class” in order to be sure the person understands the process etc.
I’m sorry but FHA/HUD is very strict on the 62 age requirement. As someone else mentioned you may look into a home equity line of credit as an alternative. When he’s 62 you can then do a reverse mortgage and pay off the HELOC.
Feel free to contact me if you have any other questions.
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