Can I get a mortgage if I am retired?

Yes, you can get a mortgage if you are retired in Virginia. Mortgage law in the state allows for retirees to qualify for a loan, particularly if they receive pension or Social Security payments. However, there are some specific requirements that must be met. To begin, you must be able to provide documentary proof that you have an adequate and consistent source of income that will last for the length of the loan. This income must be stable, reliable, and regular. This document should prove that you have a pension, Social Security, or other form of income. In addition, you must have a credit score of at least 620. This score will determine if you qualify for a loan. The lender will also look at your credit history before approving the loan. Finally, you must have the ability to make a down payment of at least 5% of the loan amount. This means that if you are getting a $200,000 loan, you must have the means to make a down payment of at least $10,000. Not having a down payment or having a lower down payment may make you ineligible for the loan. Overall, getting a mortgage in Virginia while retired is possible, but there are certain requirements that must be met. However, if the criteria is met, retirees can enjoy the same benefits of those who are employed.

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