Regular Contributor
Cooneyca
Posts: 140
Registered: ‎08-10-2007
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
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
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



Regular Contributor
gordonbs
Posts: 204
Registered: ‎06-16-2008
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
Super Contributor
ShanetheMortgageMan
Posts: 8,252
Registered: ‎09-28-2007
Re: Refinance: Age a consideration?
Non-taxable retirement income, such as social security, can be grossed up by 125% for qualifying purposes.