by Jim Carson
Question by micky: Can you refinance if you only have Social Security Income?
I only receive Social Security income plus about $ 400,00 a month from a person I rent a room to. Will a lender count this as income for refinancing purposes? I have excellent credit – no late mortgages and good cash reserves. I need to get rid of an adjustable mortgage.
Answer by jlf
You can if that income is judged to be sufficient by the lender. You’ll have to qualify for the loan regardless of income source.
Add your own answer in the comments!
Yes, if your income covers all your debt including the cost of the new mortgage
Yes you can use your social security, you can also get count your boarding income if you have a written agreement.