For homeowner making approx $47k: will mortgage co give a new loan to a single 60yr old woman? What’s criteria

QuestionsFor homeowner making approx $47k: will mortgage co give a new loan to a single 60yr old woman? What’s criteria
asked 8 years ago

I am a first time home buyer and am in the process of doing research to ge a home loan. The online mortgage calculators I can find say rates are based on married, two dependent households. Because I have no dependents and all of my income would go toward my own expenses does that make me eligible for more than a married household that brings in equal income to what I earn?

3eleven replied 9 years ago

Depends on credit score and amount of the mortgage……I can’t see why not.

me replied 9 years ago

Lenders cannot descriminate on age. They use income, debt, credit and appraised value to make a decision on a loan.

john d replied 9 years ago

I found lots of good information here.

katsulover replied 9 years ago

Age doesn’t matter good or acceptable credit scores do

ps2754 replied 9 years ago

Your best bet is to contact a mortgage broker in your area. They generally work with 20-30 different mortgage companies and can find something suitable for you.

Also check with your local banks and credit unions.

The criteria for a mortgage will depend upon your annual salary, other asset you may have, down payment, and the price of the house that you are buying.

Age and sex discrimination in lending is illegal

Me replied 9 years ago

I worked in a Bank giving Mortgages for 7 years and you bet we discriminated because of age. The long and the short of it is, why would we borrow you money that you probably won’t live long enough to pay back (Mortgage payments are usually for 20-30 years). Don’t mean to upset you but you will likely be asked to put down a larger deposit than usual, so the Bank has less at risk.

zeuz replied 9 years ago

Being single reduces your expenses, and increases your resources available to borrow more money.

Kathleen Davis - Loan Officer replied 9 years ago

It is NOT HARD for a single woman to get a loan or any single person. The qualification is the same process: it’s debt to income. If your ratios of your current debt to your current income than adding in your new housing expense of owning a home fall within a reasonable ratio than you will qualify. Just because you are single should not stop you from taking advantage of this fantastic market.
Get a referral of a good loan consultant from someone you trust. Talk with them about your goals and what you want to accomplish, they can help you determine what you qualify for.

Expert Realtor replied 9 years ago

Please post a link where it shows that the mortgage calculator shows different rates for married people vs single.

That’s illegal.

The dependent question…is legal. They cannot ask you on a 1003 loan application how many children you have, but they do ask how many dependents you have. You are required to have so much money in residual income…depending on the number of dependents.

The married question, is a legal one, because it only affects how the property will be vested on title…but it has NO EFFECT on your mortgage rate.

Landlord replied 9 years ago

Well, you do not get to file as married because you own a home.

But, no, being single does not effect your ability to obtain a loan. In fact it would be illegal to discriminate against you for your family status.

davis r replied 9 years ago

My name is Davis Ryan,a Knight in the roman catholic church.I give loan with affordable interest of 2.3%.I give loan from the range of $ 2,000 to $ 10 million. Note that any kind of loan you are looking for i can give to you.
Home Improvement
Inventor Loans
Auto Loans
Debt Consolidation
Line of Credit
Second Mortgage
Business Loans
Personal Loans
International Loans

If you are interested please kindly contact me with the details below.
Davis Ryan
Tel: +447045752527

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