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Boston Herald

Fannie, Freddie give seniors a break on mortgages

May 26, 2013

WASHINGTON ? Here?s a heads-up for the growing ranks of seniors whose post-retirement monthly incomes aren?t sufficient to qualify for a mortgage under today?s tough underwriting standards: Thanks to a rule change by the largest players in the home loan business, you may be able to use imputed income from your 401(k), IRA and other retirement assets to qualify for the loan you want.

That, in turn, could open the door to a money-saving refinancing to a lower-rate loan or a downsizing purchase of a new home.

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