I am 68 years old, retired, collecting social security and monthly payments from my retirement account. If I am able to show consistent income and find a property for which the monthly payments would be about the same as my current rent, do I have a chance of gatting a mortgage loan?
Certainly. However, a good rule of thumb is that your debt-to-income ratio cannot exceed 35% for your housing expenses (principal, interest, taxes, insurance) and 45% with total monthly expenses (credit card payments, installment loans plus housing expenses). I'd look into an FHA loan...
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