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Can Retired Borrowers Get Home Loans?
Borrowers that can document income that meets the lending and underwriting criteria of home loan programs can qualify whether they are retired or self-employed. If you have a 401(k) plan, make sure that you factored in the broker fees you're paying!
The Employee Retirement Income Security Act of 1974, known as ERISA, is the federal law that governs how company officials, or "plan fiduciaries" as they are called under ERISA, manage and administer corporate retirement plans. Most 401(k) plans are offered through mutual fund companies that charge plan participants an "internal expense ratio" based on the amount of assets invested in a particular investment option.
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