seniors qualifying for mortgage

dingerdk · Joined: 02 Feb 2008 Posts: 2 1.67 Dollars($)

My wife and I are 67 and currently have a mortgage on our home. We want to sell and wait the downturn out for a year or so then buy another home. Selling would produce 200,000 and the houses we are interested in are 550,000. We would be looking for another mortgage of 350,000. Our credit score is mid 700 and gross income of 10,000 a month. At our age, would we have problems getting a mortgage?

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

Shouldn't with that score and that amount of income a month. Hang out, I am sure the pros will be a long to help you soon.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Dingerdk,

Welcome to the forum.

Your age should not be a problem. Your credit score is good and you income is also very good. So shop a bit for lenders and I am sure you will get one.

BTW how much do you owe to the present lender? After paying the present mortgage will you afford the closing cost and down payments.

Best of luck.
Larry

dingerdk · Joined: 02 Feb 2008 Posts: 2 1.67 Dollars($)

Larry, per your request, the balances on a first is 171,000 and the 2nd balance is 47,000. total 218,000. Realistic value of house is 485,000 or there abouts. Realtor will be roughly 30,000. Balance to us should be 230,000 or so. My concern is not money but selling, then being refused a mortgage because of our age. Thx

ckalvesmaki · Posted: Sun Feb 03, 2008 5:56 am Post subject:

Age discrimination is Illegal.

All times are GMT - 7 Hours

Page 1 of 1