Pre Buying Your Retirement Home Before Your Retire... Episode 277

Pre Buying Your Retirement Home Before Your Retire... ...what you need to know that you haven't thought about I am seeing a trend of retirement home buyers moving up their timeline to purchase interest rates have come down inventory has increased new listings in this sector are selling faster prices are anticipated to increase but some home buyers are experiencing some unexpected issues the most perplexing one has to do with financing the home if you are looking to make the new home your primary residence and want to use a lower down payment and also get the lowest possible rate the lender may stipulate that the home you buy be within driving distance to work if you want to count that employers income for loan qualifying it will typically need to be within a 2 hour drive or 150 miles this will vary from lender to lender the reason being is that banks feel that a longer commute may mean its actually 2nd home which causes a number of buyers to switch to a loan for a 2nd home the down payment may be a little higher and the interest rate may be a little higher there are some bridge loan programs that buyers are using when they are delaying the sale of their current home today's show goes very deep into the multitude of scenarios in play

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