Category: Business and Money > Finance
Asked by: madmouse-ga
List Price: $10.00
30 May 2006 07:23 PDT
Expires: 29 Jun 2006 07:23 PDT
Question ID: 733635
Can I get a 30-year mortgage if I am in my 50's? My husband and I don't have any money for a down payment, but we want to buy a house. (My husband can get a VA loan, so, fortunately, we don't have to have a down payment.) I would assume that we would be able to pay it off in 15 or 20 years, but I would like the flexibility of being able to make lower payments if necessary. I know that the lack of a down payment will make our monthly payments higher, so I am trying to think of ways to make it manageable. Also, would it be possible (or make any sense) for us to apply for a mortgage together, since I have a better FICO score than he does (although his is not bad), but he has a job and I don't at this point? Thanks, Jane
Answered By: cynthia-ga on 31 May 2006 18:04 PDT
madmouse, I want to add to daniel's comment and flesh out a proper answer for you. Not only can you get a mortgage, it is illegal for a lender to refuse a mortgage based on the applicant's age. Reference: Mortgage Discrimination http://www.ftc.gov/bcp/conline/pubs/homes/mortgdis.htm ..."The Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA) protect you against discrimination when you apply for a mortgage to purchase, refinance, or make home improvements. Your Rights Under ECOA The ECOA prohibits discrimination in any aspect of a credit transaction based on: --race or color; --religion; --national origin; --sex; --marital status; --age (provided the applicant has the capacity to contract); --the applicant?s receipt of income derived from any public assistance program; and --the applicant?s exercise, in good faith, of any right under the Consumer Credit Protection Act, the umbrella statute that includes ECOA. ..." As to the credit issue, I called my brother, he works in the real estate industry. If there is a big gap in your FICO scores, your best bet would be to apply for a loan in your name only --for the best rates. If the difference is not too much and you include your husband on the loan the rates will be a bit higher. Play around with these to help you decide which way to go: http://www.myfico.com/myfico/CreditCentral/LoanRates.asp http://rws.mortgage101.com/templateroot/Rates/RatesheetDotNet.asp?PVLID=348 Hope this helps, if you require more information please ask for clarification! ~~Cynthia Search terms: mortgage discrimination Loan Calculator ~Qualify FICO
From: daniel2d-ga on 30 May 2006 19:45 PDT
Your age doesn't matter when obtaining a mortgage. Go to a mortgage broker or bank and prequality for a mortgage.
From: madmouse-ga on 31 May 2006 15:29 PDT
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