$50k, Social Security income of $1,975.00, credit score of 800, plan to part-time

Question

My bank will not give me a mortgage loan because I am not working at the moment, however, I have sufficient funds $50k for a down payment, funds for living $27k, $20k invested, and a social security income of $1975 starting in May.  They say I have to have 2 years of work history now. I've worked for years but just not at the moment. Can Fanny Mae or Freddy Mac or other lender help with this issue?

Answer 1

You would need to be working so you could verify income adequate to qualify. You could qualify using SS income once that starts, but it may be too low for the loan amount you're looking for. If you started a new position in the same line of work as previously, you could use that income to qualify immediately.