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Discrimination on Senior for Home Loan

Being a senior and looking for a Home Loan Conventional or VA Home Loan which I would prefer. Hitting the wall on financing on pre qualifying I am getting you cannot afford any more than 45k---50k. Which would be $430--$460 a month. Then I ask how the heck am I paying for a $650.00 a month rental. This does not include utilities ! I have no debt my credit score is in the high 800. I have enough for a very good down payment. I was wanting a 100k. I have a survivors social security and my VA Disability. Trying too hold off drawing my Social Security till 66.5 years. Just around the corner. I feel the banks / lenders are finding very creative ways of disparaging you from a home loan. I had a VA Home Loan and paid that off.. this is my reward of busting my hump for 40 years and no being in debt and never owing any one any thing. This is a slap in the face 45k--50k.. I have one lender maybe 60k. Maybe if !
Very frustrated !!!
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December 10 2012 - Cookeville
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Steve Green
I understand but its crazy.. you have Joe making 40k a year he qualifies but Joe's company goes out of business and Joe is laid off. But you take a senior you all ready have a bench mark on what that senior income will be for the rest of their lives. Which is better for a lender.. knowing the economy and knowing a person working may get laid off. Or a Senior that is fixed on a income. or knowing what that income will be in 6 months or one year down the road. Does any know what Joes income will be in a year.. yes he may get a increase but also do too economy be laid off.Some that writes these rules need too make adjustments for Senior. I can turn on my Social Security with in 6 weeks,but would be locked into that amount for the rest of my life... I want too wait and use my survivors SS before I use mine. So I am being punished for being frugal and thinking ahead.
I will wait and not contribute too the local economy on property tax and the possibility of hiring 1-2 people in a home business start up.
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December 10 2012

Not trying to get into a symantics debate, but lenders are not telling you how much you can afford.  They are telling you how much you can qualify for.  We lenders are required to live within guidelines that often do not apply to certain individuals.  Many people cannot afford what they can qualify for, but it sounds like you are on the other end of that spectrum.  Yes, it's frustrating but most of this is trickling down from the various agencies. 

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December 10 2012
Profile picture for wetdawgs
Yes, the system for lending has indeed become more complicated by law.    I wouldn't wish to buy a money pit either, even less so in my golden years.

Good luck.
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December 10 2012
Profile picture for user787901

This is so frustrating.. what every one is telling me buy a fixer upper,get that 45k home loan buy that pile of crap and then spend the next 2-5 years of your life dumping money into a bottomless pit. If  I got 100k loan throw 20k on the table and move in paint some walls and hang drapes and be done with it. And enjoy your golden years. The system has too make it complicated. I will sit in hoover for several years and buy that time the 90k house will be 130k and again I won't be able too purchase do too some other excuse. A never ending cycle and you wonder why senior are grumpy.

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December 10 2012
Profile picture for wetdawgs
One of the factors lenders use to determine the amount a buyer is  qualified for is income.    They don't do this to discriminate, but because they are require to do so by law.  (Unfortunately amount of rent one pays isn't a factor to say what one can afford).      If drawing on Social Security is really just around the corner, ask the lenders to calculate how much you can afford with different scenarios.   Perhaps waiting until you trigger SS would help your buying power.

The affordability calculator can give you some rough ideas before talking further with lenders, but no calculator will substitute for a calculator.



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December 10 2012
 
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