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I'm soon to retire with a lifetime LA City Pension. opps,

Customer Question
I'm soon to retire...

I'm soon to retire with a lifetime LA City Pension.

Lawyer's Assistant: Has anything been filed or reported?

Opps , sorry not finished

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

And our Plan is to Withdraw 100k. From 457 retirement plan for down payment on a home approx 350k. In Texas. With a 650 credit score and that large of a down with a lifetime pension ( income) do you think I will have any troubles getting a Small Mortgage ?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Currently we are in Los Angeles . Ca. We plan to purchase in Texas ( after retirement).

Submitted: 11 months ago.Category: Employment Law
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Answered in 14 minutes by:
8/4/2017
Employment Lawyer: Law Educator, Esq., Attorney replied 11 months ago
Law Educator, Esq.
Category: Employment Law
Satisfied Customers: 125,956
Experience: 20+ Years of Employment Law Experience
Verified
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
A credit score of under 700 makes it difficult for anyone to obtain a mortgage in general. However, this also depends on how much you put down on the down payment and the specific lender as well, as they all have their own rules. If you are going to put down 25% or more as down payment many mortgage companies will excuse the low credit score, depending on the reasons for you having such a low credit score of course. It is not going to be a guarantee though with a 650 that with only $100,000 down that they will give you the additional $250K that depends on your monthly income in retirement as well as any other credit issues such as outstanding debt and delinquencies.
Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.
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