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Author: reallyalldone Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127710  
Subject: Hitting a wall Date: 12/20/2012 9:20 AM
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I'd like to buy something smaller before I sell my house but I have hit a bit of a wall on getting a mortgage for the new property - plenty of assets but not enough verifiable income(self-employed for 8 years, spouse survivor pension, rent, dividends). I'm 58 so a bit reluctant to start any sort of draw from my retirement assets.

I will need to sell my primary house by the end of May for maximum tax benefits (as of today, anyway). My goal is to have it on the market March 1 or before. It should be one of the least expensive houses in a desirable neighborhood and I think it will sell fairly quickly. After the end of May, I will have much less incentive to get it sold.

The sale is due to too much space, not finances.

Any other thoughts on how to qualify for a mortgage and buy now ?
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