What is your criteria for screening RETIRED applicants

[Carolina E.]

Hi BP. Regarding retired applicants, do you still have to keep with the same qualifications? Do you keep with the 3x income?  I have an applicant that only has social security coming in and said they recently sold their home and have money in the bank.  Can you legally qualify retirees differently, since it is based on income not necessarily age?   Side note: They said they have a 800 credit score and are currently paying more a month. 

[Bettina F.]

Ask for proof of funds and a SS award letter, or a bank statement that shows the amount of her SS.  You should still do credit and eviction check.

The 3 X rule is for the average person with car payments, credit cards, etc.  She may have minimal expenses.  Most of us oldsters drive paid for cars and rarely buy new clothes. Consider her total debt to income ratio.  If she is long on cash from just selling her house, ask for a double deposit.