Can a Retired Person Buy a Home in Hawaii?
I recently received a question from a person who was about to retire. She wanted to know if she could buy a house if she was retired, or would she need to get a job and work for six months. Following is my answer:
It doesn’t matter if you are retired, in only matters what loan amount you are qualified for based on your retirement income. I presume you have Social Security. How about interest and dividend income?? A pension?
Email me at trustharry@aloha.net and I’ll send you a list of lenders on the Big Island. Over the phone, or in an email, they can give you a rough idea what loan amount you qualify for based on your retirement income. If you were in business for yourself, to get a loan based on your self-employment income, you need two years’ worth of tax returns; just don’t close down the business. If you plan on getting a job once you get to the Big Island, you only need two pay stubs from your new job to use that income toward your qualifying income. All of your income will be taken into consideration when purchasing a home on the Big Island.