Hoping to avoid PMI as much as possible
Hello, I have a question about something. Do RMDs count when qualifying for a mortgage? My wife’s social security check will be $1150 monthly. I make $32,650 yearly, but that money comes from a new job. How should I be employed in order to qualify for a loan? The sum of my down payment is $55,000. I want to avoid PMI if possible. by jamesbudinger820 from Bearcreek, Montana. Aug 1st 2022
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
As long as the account is set up to transfer a set amount automatically at least quarterly (monthly is better) then yes. If your wife pulls a set amount out periodically, even if it monthly, no. The key here is to set it up to automatically make the distribution. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.LoansA2z.com 480-889-9000 - OR - 480-695-9300.
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