Buying a Home in Encinitas as a Retired Person

Buying a home in Encinitas is one of the best ways to enjoy retirement; average monthly temperatures throughout the year are between 62ºF and 71ºF, almost all homes for sale in Encinitas provide you with quick and easy access to the ocean and amazing beaches, and you can find and participate in some brand-new or favored hobbies.

For those seeking to relocate to Encinitas as a retired person it is important to know the truth behind some commonly held fears, primarily whether or not you will be able to qualify for a home mortgage loan.

I have heard from many clients that are concerned that their retirement status and fixed income will hinder them from being able to get a mortgage loan. Here I have compiled the reasons why you will be able to qualify and why you, as someone in retirement, may actually be in better standing than those who still work.

  • The FHA Law – Federal law (specifically the Fair Housing Act of 1968) prohibits discrimination based on age when it comes to applying for a home loan. If you feel that you are receiving unfair or discriminatory bias, be aware that federal laws protect your rights.
  • Lenders Allow Retirement Income – Lenders allow retirement income when they approve mortgages. Whether the income is from a pension, Social Security, or other types of income, as long as the amount is appropriate to the loan you should be able to get approval.
  • Credit Rating – While this is certainly not a rule about retired people, in order to retire most people have cleared away the majority of their debt and have achieved a very good credit rating. As a result of the hard financial effort that you have put in over the years you may see reward in that approval for a mortgage loan can be easier for you now than before you retired. If you do not have much of a credit history lenders will often help you carefully establish credit to satisfy loan requirements.

Take advantage of your retirement status by seizing the opportunity to live it up in the city and home of your dreams. Contact an Encinitas Realtor today.

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