Financing without W2 income when you are retired?

[Jack B.]

I've read post of some on here long ago that said they found a small bank that will lend to them without W2 income. This is something that is important to me in the future as I plan to retire soon but will have property in Seattle that I either 1) sell and relocate to my new home state or 2) keep here and pay someone to manage them (NOT a PM, they are waaay too expensive for what they do and it's NOT worth it IMO).

While I have a high W2 income now that makes this possible for me with traditional lenders currently but not in the future. I need to fatten some of these properties I'm currently purchasing before I can relocate them and I'm not ready to relocate to my retirement state just yet. The long standing rentals I've had fall in the same boat as I recently cash out refinanced them.

So anyone know of any banks that would work with me in retirement without W2 income, just going off rental income, etc.?

[Stephanie P.]

Originally posted by @Jack B.:

I've read post of some on here long ago that said they found a small bank that will lend to them without W2 income. This is something that is important to me in the future as I plan to retire soon but will have property in Seattle that I either 1) sell and relocate to my new home state or 2) keep here and pay someone to manage them (NOT a PM, they are waaay too expensive for what they do and it's NOT worth it IMO).

While I have a high W2 income now that makes this possible for me with traditional lenders currently but not in the future. I need to fatten some of these properties I'm currently purchasing before I can relocate them and I'm not ready to relocate to my retirement state just yet. The long standing rentals I've had fall in the same boat as I recently cash out refinanced them.

So anyone know of any banks that would work with me in retirement without W2 income, just going off rental income, etc.?

Hey Jack

You should consider using a non traditional lender that does DSCR loans. DSCR is debt service coverage ratio and there is no income verification required, only the borrower/guarantor's credit and leases. Rates are a little higher than conventional, but they are used all the time for folks without traditional income.

Congratulations on your retirement.

Stephanie