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Answers (7)
- Adam Cohn, "palmbeachmortgage"
- Contributions:130
You should be fine, age usually does not hurt the chances of getting a mortgage loan.
- Wes Black
- Contributions:509
The age of a house does not have a negative effect on getting a mortgage. The condition, however may if you ate looking to go FHA. As others have stated, the appraisal of the home is crucial to the buyer, seller, and the bank. Good luck and visit your personal bank right away and ask to see the home loan officer.
- sunnyview
- Contributions:25139
I saw your other question and you should have no trouble getting a mortgage on a 1969 house as long as it appraises for the amount you need for a mortgage.
- Elena Petrov, "kapyarets"
- Contributions:174
No. Mortgage depends on bank appraisal. I didn't see that older houses require higher home owner insurance.
- Rita A. Walker, "Rita Walker"
- Contributions:277
The age of the home may be a factor on the appraisal. However, that will be in comparison to other homes used for the appraisal process.
As long as it appraises for sale price or better, there should be nothing negative towards your mortgage.
Now having said that, the condition of the home may impact the type of mortgage for which you are applying.
As long as it appraises for sale price or better, there should be nothing negative towards your mortgage.
Now having said that, the condition of the home may impact the type of mortgage for which you are applying.
- Benjamin J Shoemaker, "BenatAlpha"
- Contributions:55
This will have an affect on your home owners insurance premium. Older homes tend be more costly to insure. As far as the lender in concerned, the age is not a problem by itself. If you are considering an FHA loan then the age and functionality of things like the electrical system and roof may be of concern. Talk to your agent and lender to be sure you can address these things before you move any further. Hope it all works out!
- Luis Lozada, "Luis Lozada"
- Contributions:4350
NO, important thing that the bank's appraisal
Is the age of a house have a negative effect on getting a mortgage? I found this lovely house
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