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Refinance: Age a consideration?

Regular Contributor

Refinance: Age a consideration?

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
Message 1 of 4
3 REPLIES
Moderator Emeritus

Re: Refinance: Age a consideration?

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



Message 2 of 4
Regular Contributor

Re: Refinance: Age a consideration?

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
Message 3 of 4
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Super Contributor

Re: Refinance: Age a consideration?

Non-taxable retirement income, such as social security, can be grossed up by 125% for qualifying purposes.
Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

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Message 4 of 4