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Retirement Discussions / Retired Fools
|Subject: Re: financing||Date: 5/12/2003 5:27 PM|
|Author: mhtyler||Number: 8430 of 19582|
"The criteria is not much different from those who are still working.
Lenders still look at the value of the home to be purchased, the real income of the borrower and hence his ability to repay the loan.
The same basic ratios apply.."
Thx for that Hotfoot. I've no real idea what those ratios are though. Do you know what they are roughly?
All of my income comes from CD's, REITS, Bonds etc, and so income fluctuates, but I can kinda nail it down.
We have a home now, but its barely worth 90k. I'd like to buy one worth about 200k in another state...Florida I think. I'd use the 80k profit, 40k in extra money from next year and that'd leave me another 80k to cover. That's the part I'd need to finance somehow.
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