Refinance: Age a consideration?

Cooneyca · ‎08-10-2007

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

Jan 07: tu 498, ex 501, eq 504
Oct 07: tu 716, ex 712, eq 723
Nov 07: tu 693, ex 664, eq 672_post app frenzy

Timothy · ‎03-19-2007

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

gordonbs · ‎06-16-2008

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.

6/16/08 EQ-632
8/1/08 TU-717 EQ-690 EX-696
9/6/08 EQ-711

ShanetheMortgageMan · ‎09-28-2007

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

ShanetheMortgageMan
"Knowledge is knowing a tomato is a fruit. Wisdom is not putting it in a fruit salad."

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Refinance: Age a consideration?

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