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If you're planning to retire, you might have some trouble qualifying for a mortgage. Here's what lenders can — and can't — consider when approving you for a home loan.
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Loan type. Minimum credit score. Conventional loans. 620. FHA loans. 580 with 3.5% down payment, 500 with 10% down payment. VA loans. No minimum requirement, but generally 620
Pays off your existing mortgage. If you still have a traditional mortgage, you can use a reverse mortgage to pay it off, eliminating your monthly mortgage payments. ... Get matched to a trusted ...
They’ll show you prequalified refinancing rates from up to 10 lenders and make it easy to pick out the best option. Robert Kiyosaki warns: ‘Cash is trash’ — Discover the power of ...
After purchasing your forever home and feeling confident in your career, you may wonder whether it would be worthwhile to put your extra income toward retirement or use it to pay off your...
For example, if your pre-tax monthly income is $8,000 and your mortgage payment is $2,000, you have a front-end ratio of 25% (meaning that your mortgage consumes 25% of your income).
When you retire, you end up with a fixed income. Here are eight common ways you can […] The post How to Save Money on a Tight Budget in Retirement appeared first on SmartReads by SmartAsset.