Regular Contributor
Cooneyca
Posts: 140
Registered: ‎08-10-2007
Refinance: Age a consideration?

‎07-29-2008 07:43 AM

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
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Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
Re: Refinance: Age a consideration?

‎07-29-2008 07:47 AM

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


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Regular Contributor
gordonbs
Posts: 204
Registered: ‎06-16-2008
Re: Refinance: Age a consideration?

‎07-29-2008 12:25 PM

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.
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Super Contributor
ShanetheMortgageMan
Posts: 6,438
Registered: ‎09-28-2007
Re: Refinance: Age a consideration?

‎07-29-2008 12:49 PM

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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