Originally Posted by
Sata 4000 RP
One would think, given the scenarios mentioned in the above posts, that a community bank in the county in which you want to settle down could see through the BS and finance you guys given your situations.
With that line of thinking, one would also think that if you've been doing business with the same institution (USAA/NFCU) for 20+ years, have an 800+ credit rating, no other bills than the mortgage, and assets in the same institution in excess of 3-4 times the amount requested, that it should be easy if, in fact, they can use character and personal history for approval. They claim to cater to military and restrict their membership, but they have no vehicle in place when it comes to mortgages during the transition to retirement....even refinances that actually lower the chances at defaulting.
Then again, I'm not surprised. It would be a tough sell to lobby for an exception to the rules that would be targeting the 17% (of the 1% of the total population) who get to retirement. It is even a smaller number who would actually need the exception.