topic Refinance: Age a consideration? in Mortgage Loans

Refinance: Age a consideration?

Cooneyca — Tue, 29 Jul 2008 14:43:37 GMT

My parents wish to refinance their home. With credit ratings near the 800 mark, will their ages 77&78 be a factor on whether or not they are approved?

Thanks

Re: Refinance: Age a consideration?

Timothy — Tue, 29 Jul 2008 14:47:45 GMT

It is illegal to discriminate based on age.

Cooneyca wrote:

My parents wish to refinance their home. With credit ratings near the 800 mark, will their ages 77&78 be a factor on whether or not they are approved?

Thanks

Re: Refinance: Age a consideration?

gordonbs — Tue, 29 Jul 2008 19:25:11 GMT

True...

However at that age, it's unlikely they have salaries. They most likely live on a fixed income. That can be a problem when figuring DTI vs a younger person with a salaried position.

Re: Refinance: Age a consideration?

ShanetheMortgageMan — Tue, 29 Jul 2008 19:49:50 GMT

Non-taxable retirement income, such as social security, can be grossed up by 125% for qualifying purposes.