In North Carolina we have some different laws than other States when it comes to Financing a home. The NC Laws require that we validate that you have the income (at the time of closing) to be able to make the payments on your mortgage.
For someone who is retired, or is living off of Savings – this can be tricky!
The good news is that we can “Gross Up” Social Security Income by 115%. So if you collect $900 in Social Security income, we can count $1035 for qualifying.
If you have a large savings account, and you are having an accountant, or Financial Planner manage the money – and you have it set up to give you regular installments – we can count that income too! We just have to document a history of you receiving it… and there has to be enough money there to pay you for the next 5 years. So if you have $150,000 that you are pulling $600 a month from – that would last you for WAY longer than 60 months! As long as we can show that it’s automatically coming to you – we can count it.
Other people who are interested in FHA financing sometimes co-sign with a child. Co-signing is one of the most popular ways we see benefit for grandchildren and children these days. For more information on co-signing for an FHA mortgage loan, click here.
If you are considering FHA financing for a home in NC – please call Steve and Eleanor Thorne, Mortgage Banker in Cary , 919-649-5058. We offer the best rates and have decades of experience!
About Eleanor
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