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How can a senior citizen (w/good credit) qualify for a mortage?

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heights209 Joined: 24 Jul 2011 Posts: 1 1.28 Dollars($)	Posted: Sun Jul 24, 2011 9:33 am    Post subject: How can a senior citizen (w/good credit) qualify for a morta Like 0 Dislike 0 My parents would like to purchase an additional home. They have 3 properties they own in full. They are willing to put down $10-15k down. At the age of 79 can they still qualify for a mortgage?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Sun Jul 24, 2011 6:44 pm    Post subject: Like 0 Dislike 0 Lenders may not discriminate based on the age(s) of the borrower(s). Therefore, if your parents have sufficient income, sufficient assets and a reasonably good credit standing, they'd probably qualify for a reasonable mortgage loan. Obviously, whatever they wish to borrow would need to be reasonable depending on their income. Qualifying isn't something we can pretend to be able to answer on this forum, but your local lender can certainly complete that task. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
dmitriy Joined: 29 Jul 2011 Posts: 27 6.27 Dollars($)	Posted: Fri Jul 29, 2011 1:11 pm    Post subject: Like 0 Dislike 0 Heights209; George is correct; Lenders may not and will not discriminate based on age. I would be happy to review their scenario and give you some options. Best Regards; Dmitriy Bleynis Regional Sales Manager STERLING NATIONAL BANK STERLING NATIONAL MORTGAGE [Contact details deleted as per forum rules. Thanks.]

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