Mortgage Answers / Mortgage Decisions
The Short Answer
Yes, qualifying pension, retirement-account or other retirement income may support a mortgage. The lender reviews the amount, how it is paid and whether it meets the program's rules for continuing income.
Match your benefit or withdrawal records to the income the lender can use.
Explore Your OptionsRetirement income can need different records.
An automatic yes
The actual details need review.
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Bring a benefit statement and payment records; a paycheck from a job is not the only income that may count.
Provide the official pension or benefit statement and requested proof of payments.
Ask which documented amount and payment frequency the lender can use.
Confirm any rules about the income continuing. A job paycheck is not the only possible source of qualifying income.
The lender needs a documented history and enough eligible funds to support continued withdrawals.
Show the withdrawal pattern and the account records requested by the lender.
Ask how the program reviews changing payments and whether eligible funds support continued withdrawals.
Do not treat the whole account balance as monthly income. Use the reviewed amount in your budget.
Bring the official start date, amount and frequency; a planned payment without documentation is not enough.
Bring the official start date, amount and payment frequency rather than only a personal plan.
Ask whether the program allows the documented future benefit and what other conditions must be met.
Confirm what is still needed before relying on that payment for a purchase.
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Yes, qualifying pension, retirement-account or other retirement income may support a mortgage. The lender reviews the amount, how it is paid and whether it meets the program's rules for continuing income.
Bring the official start date, amount and frequency; a planned payment without documentation is not enough.
Reserves are funds a lender may require you to have available after closing. They are different from the money spent on the down payment and closing costs. The required amount and acceptable accounts depend on the loan and your situation.
Support payments may count when you choose to use them and can document qualifying payments. You do not have to disclose child support or alimony income if you do not want the lender to use it to qualify.
Income from two jobs may help you qualify, but the lender reviews each job's income and history. Adding two paychecks yourself does not prove both amounts can count.
Not necessarily. Pension or qualifying retirement income may count when the loan program's documentation and other requirements are met.
No. The lender reviews the applicable income method, payment records and any required proof that income can continue.
Potentially. The actual program needs appropriate benefit documentation and a qualifying start date; a personal plan alone is not enough.
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