Stated income and retirees

Many are not aware that when you retire choosing stated income as a qualifying option may not be possible. This is because the credit report will report job status. If you are receiving a pension from a W2 job it usually indicates that you are retired on the credit report and as such underwriters are aware that you are on a fixed income. However, retirees that are living off of 401K proceeds usually do not have this problem. It is important to check the employment section of your credit report prior to applying for a mortgage.

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