March 14th, 2010 by , under nnmj.com.
Can I get a 30-year mortgage if I am in my 50's? My husband and I
don't have any money for a down payment, but we want to buy a house.
(My husband can get a VA loan, so, fortunately, we don't have to have
a down payment.)
I would assume that we would be able to pay it off in 15 or 20 years,
but I would like the flexibility of being able to make lower payments
if necessary. I know that the lack of a down payment will make our
monthly payments higher, so I am trying to think of ways to make it
manageable. Also, would it be possible (or make any sense) for us to
apply for a mortgage together, since I have a better FICO score than
he does (although his is not bad), but he has a job and I don't at
this point?
Thanks,
Janemadmouse,
I want to add to daniel's comment and flesh out a proper answer for
you. Not only can you get a mortgage, it is illegal for a lender to
refuse a mortgage based on the applicant's age.
Reference:
Mortgage Discrimination
http://www.ftc.gov/bcp/conline/pubs/homes/mortgdis.htm
..."The Equal Credit Opportunity Act (ECOA) and the Fair Housing Act
(FHA) protect you against discrimination when you apply for a mortgage
to purchase, refinance, or make home improvements.
Your Rights Under ECOA
The ECOA prohibits discrimination in any aspect of a credit transaction based on:
--race or color;
--religion;
--national origin;
--sex;
--marital status;
--age (provided the applicant has the capacity to contract);
--the applicant?s receipt of income derived from any public assistance
program; and
--the applicant?s exercise, in good faith, of any right under the
Consumer Credit Protection Act, the umbrella statute that includes
ECOA.
..."
As to the credit issue, I called my brother, he works in the real
estate industry. If there is a big gap in your FICO scores, your best
bet would be to apply for a loan in your name only --for the best
rates. If the difference is not too much and you include your husband
on the loan the rates will be a bit higher.
Play around with these to help you decide which way to go:
http://www.myfico.com/myfico/CreditCentral/LoanRates.asp
http://rws.mortgage101.com/templateroot/Rates/RatesheetDotNet.asp?PVLID=348
Hope this helps, if you require more information please ask for clarification!
~~Cynthia
Search terms:
mortgage discrimination
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