When it comes to Highlands real estate retiring may make jumbo loans tougher to acquire. Luxury homes in Highlands are often dream retirement homes and many buyers prefer to finance a property rather than tying up their money. The complication comes from retiring equaling a stoppage of income.
Low interest rates are extremely attractive to retirees who own or are buying homes in Highlands NC, enabling them to free up money to invest elsewhere. While it is not impossible to secure a jumbo loan it is more difficult than in the past due to the debt to income ratio set at 43%. What this translates to for a borrower is that a lot of paperwork and an impeccable credit score are required.
Contact the team at Meadows Mountain Realty today for more information on retiring to Highlands NC. Our fresh mountain air and plethora of outdoor activities lead to an active retirement. Let our knowledge and experience work to your advantage for all of your Highlands real estate needs.
Click here to read “Jumbo-Loan Challenges for Retirees” from the Wall Street Journal.