Answers (15)
- Andrew Adams, "RenovationSpecialist"
- Contributions:9406
Yes they would. They would call his employer or your employer and ask if your employment was likely to continue.
How does the lender know that the pension is stable? Because you said it was? An awards letter stating the benefit will usually take care of the condition.
Not sure if you've heard but the housing industry has hit a bit of a rough patch. Foreclosures are up and many of those foreclosures are the result of lax guidelines and alt/ no doc loans.
It might feel like they are beating you up for documentaion but the documentation guidelines have gotten much more stringent over the past 2-3 years. It has nothing to do with your age.
The statement from September is too old to meet underwriting guidelines they need something dated ususally within 30 days of your application, that statement is 4 months old. If you call whomever is managing the pension I am sure they can provide you with the documentation you will need.
How does the lender know that the pension is stable? Because you said it was? An awards letter stating the benefit will usually take care of the condition.
Not sure if you've heard but the housing industry has hit a bit of a rough patch. Foreclosures are up and many of those foreclosures are the result of lax guidelines and alt/ no doc loans.
It might feel like they are beating you up for documentaion but the documentation guidelines have gotten much more stringent over the past 2-3 years. It has nothing to do with your age.
The statement from September is too old to meet underwriting guidelines they need something dated ususally within 30 days of your application, that statement is 4 months old. If you call whomever is managing the pension I am sure they can provide you with the documentation you will need.
- mommaroo
- Contributions:9
If my husband wasn't retired would they request proof that his income would remain at least the same for 3 years? Would they request proof that he wouldn't be laid off?
My husband's pension is a lot more secure than many jobs.--Statement comes out every Sept. and includes a COLA of at least 1%. So the last statement was 09/2011 and included a COLA of 2%.
So, yes, I think requesting assurances on a pension and not on wages IS discriminatory.
BTW, we have bought and sold several homes over the years....so this is not our first mortgage.....and we were not asked to furnish this "proof" on our last 2 homes, also purchased after retirement.
My husband's pension is a lot more secure than many jobs.--Statement comes out every Sept. and includes a COLA of at least 1%. So the last statement was 09/2011 and included a COLA of 2%.
So, yes, I think requesting assurances on a pension and not on wages IS discriminatory.
BTW, we have bought and sold several homes over the years....so this is not our first mortgage.....and we were not asked to furnish this "proof" on our last 2 homes, also purchased after retirement.
- Andrew Adams, "RenovationSpecialist"
- Contributions:9406
What's the date on the statement?
How is providing proof that your income is likely to continue discriminating?
How is providing proof that your income is likely to continue discriminating?
- mommaroo
- Contributions:9
We've just gotten an approval on a mortgage loan with "conditions". Conditions is they are asking for yet another monthly pension statement, though I've submitted the only one we get, which is the annual statement, and they want PROOF that the pension will continue for at least 3 more years. Our credit is excellent, pension a very secure state pension which has not suffered from the economic climate, and we're putting 20% down.
Seems a bit discriminatory to me...
Seems a bit discriminatory to me...
- Pasadenan
- Contributions:26328
And don't forget about all those USDA loans that were discriminating based on race, and the court award for the plaintiffs that congress still has not funded...
Loan Officers on Zillow have even stated for some USDA loans they had to provide photos of the person at their "farm" to prove it was actually for farm-land; when I still think they just wanted evidence of a person's race.
Discrimination happens; and regardless of legislation, you can't prevent it.
Loan Officers on Zillow have even stated for some USDA loans they had to provide photos of the person at their "farm" to prove it was actually for farm-land; when I still think they just wanted evidence of a person's race.
Discrimination happens; and regardless of legislation, you can't prevent it.
- Pasadenan
- Contributions:26328
"Unless you're 30 years old and would like a reverse mortgage" -
Sue HUD and the Federal Government; they violated their own law.
And if you are under, 18, they won't give you any mortgage, even if your income is $500k annual and your FICO is 830.
Seriously, how are you going to prove you were denied based on age, when they tell the courts it is because you did not provide sufficient documentation of your income?
Sue HUD and the Federal Government; they violated their own law.
And if you are under, 18, they won't give you any mortgage, even if your income is $500k annual and your FICO is 830.
Seriously, how are you going to prove you were denied based on age, when they tell the courts it is because you did not provide sufficient documentation of your income?
- Ryan Halset, ABR, "RyanHalset"
- Contributions:864
Only if they want to be the next bank on the "Implode-O-Meter"!
An interesting link to take a quick look at: http://ml-implode.com/
An interesting link to take a quick look at: http://ml-implode.com/
- Tracy Larkins, "To Be Announced"
- Contributions:649
Absolutely not - it's against RESPA... Hope this helps!
- Tim Storm, "SoCal FHA VA Lender"
- Contributions:32
Definitely not. Unless you're 30 years old and would like a reverse mortgage :) But seriously, no.
- Pasadenan
- Contributions:26328
Though of course the federal law says no, of course they can. Anyone can discriminate on any bases they want; they just have to make sure they don't disclose that the real reason was illegal.
But a loan officer wants their commission, so of course they will try to push it through, and the Underwriter guidelines has nothing specific about age or health conditions...
But it does have something about expected income and documentable income. Since you can document your pension and expected cash flow after retirement, you should have no issue. But if someone that has $200k annual income this year and is 98 years old and has no evidence that they will be employed next year, and has no evidence of self-employment income, and has no pension put aside and only the down payment in the bank accounts, and doesn't qualify for Social Security since they took the pastor exemption, do you really think that someone will give the person a mortgage with only 3.5% down? It wouldn't be called "age discrimination", it simply will be called insufficient evidence of income.
But a loan officer wants their commission, so of course they will try to push it through, and the Underwriter guidelines has nothing specific about age or health conditions...
But it does have something about expected income and documentable income. Since you can document your pension and expected cash flow after retirement, you should have no issue. But if someone that has $200k annual income this year and is 98 years old and has no evidence that they will be employed next year, and has no evidence of self-employment income, and has no pension put aside and only the down payment in the bank accounts, and doesn't qualify for Social Security since they took the pastor exemption, do you really think that someone will give the person a mortgage with only 3.5% down? It wouldn't be called "age discrimination", it simply will be called insufficient evidence of income.
- Wes Walton, "wesleywalton"
- Contributions:5
It is highly illegal and unethical for any lender to discriminate against anyone because of their age.
In fact the federal government says so in the Equal Credit Opportunity Act.
If you are denied a loan and you feel it may be because of your age you should call your state's Attorney General and issue a complaint.
Hope this helps!
In fact the federal government says so in the Equal Credit Opportunity Act.
If you are denied a loan and you feel it may be because of your age you should call your state's Attorney General and issue a complaint.
Hope this helps!
- Steve Felty, "SteveFelty"
- Contributions:408
I can assure you that your age will not be considered. I have never seen anything remotely resembling age discrimation. Proceed with full confidence.
- wetdawgs
- Contributions:40764
No. Only your income is used for consideration.
None of us may have 30 years of life left! Of course, the remaining mortgage balance is still owed should you succumb after 29 years or 2.
None of us may have 30 years of life left! Of course, the remaining mortgage balance is still owed should you succumb after 29 years or 2.
- wayne lancaster, "funds2"
- Contributions:1937
Absolutely not....... your pension income will only count though towards qualifying income after you start receiving it. Discuss your scenario with a local loan officer and get guidance as to loan qualifications based on current financial details.
- Clay Branch, "Georgia Loans"
- Contributions:8829
no
Can banks age-discriminate for mortgage loans?
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