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Answers (4)
- BungalowMo
- Contributions:232
I closed on my house in June 07, 1 month before I turned 49. 0 down, 0 closing costs&215k fixed loan.
If they gave it to me they'll likely give it to you. Only difference...loans were a bit easier to come by 1.5 yrs ago.
If they gave it to me they'll likely give it to you. Only difference...loans were a bit easier to come by 1.5 yrs ago.
- Kistian Escapa, "kistian"
- Contributions:35
They are absolutely right that the age is not a factor. I just sold a home to a 67 year old lady from Queens who was a first-time homebuyer. Your credit score is definitely a factor. FHA loans continue to become more and more popular as conventional loans are getting stricter on their guidelines and requiring a larger downpayment. Typically the downpayment requirement on an FHA loan is 3% although it with the mortgage crisis this may change to 3.5%. Do remember you also have your closing costs&prepaids which can range from around 2k - over 4k depending on the price of the home, taxes, etc. There is also the Good Neighbor Program which allows for teachers, police officers to purchase homes in designated areas at a reduced cost. A lender will be able to walk you through all this. Good luck!
dsparks, do not spam on these forums! give advice or get lost!
soonerteacher: talk to a reputable local loan officer in order to assess your buying situation. being 50 won't make any difference.
- dsparks_1
- Contributions:4
The first thing you need to do is talk to someone and see just where you stand as to how much money you can borrow. Your bank may do mortgages or I am sure there are mortgage companies in Sperry. If you are a teacher, there are special programs for you.
Good luck.
[content removed by moderator for being self promotional]
Good luck.
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What kind of options do I have for buying a home and being 50?
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