Can I get a mortgage if I am retired?

Yes, you can get a mortgage if you are retired in California. Generally, a mortgage lender will want to see a steady and reliable form of income in order to approve you for a loan. This could be from employment, self-employment, investments, pension, Social Security, alimony or child support, or other sources. It is important to keep in mind that you must have the ability to make loan payments for the duration of the mortgage. This means that if you rely solely on retirement income, you must prove that the amount is sufficient and will cover the mortgage payments over the next several years. When it comes to retired individuals, mortgage lenders also look at your credit history and your total debt-to-income ratio. A good credit score and a low debt-to-income ratio will make it easier to get a mortgage loan in California. Additionally, lenders may require that you make a significantly larger down payment than would be required for an employed borrower. It is important to speak to mortgage lenders about your unique situation, and have a discussion about the best options for you. With the right amount of research and preparation, you can secure a mortgage loan even if you are retired in California.

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