Home Buying in Brooklyn>Question Details

Joshua, Home Buyer in New York, NY

Will I have trouble getting 30-yr fixed mortage? I am 62 yrs, high-paying job, good credit, no debts;

Asked by Joshua, New York, NY Sat May 17, 2008

excellent health, no retirement plans. I don't have much $ for a down payment. Joshua

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Good Credit goes along way in today's market and most lenders will say you have "character" with good credit and no debts. Definitely not a problem since lender's cannot discriminate due to age.
Seller concessions is the way to go since you do not have much money for a down payment. It is a great time to buy all over the country so good luck and enjoy the American Dream of home ownership.
0 votes Thank Flag Link Wed Jul 30, 2008
Just think, when you're 92 the house will be yours.
0 votes Thank Flag Link Thu Jul 24, 2008
how about fha with a gift for the downpayment?..and seller paid closing costs and pre-paids?..call me.......14 yrs experience...bob mcclure- mortgage now- farmington, michigan (248) 806-0366......i am licensed in ohio.......
0 votes Thank Flag Link Thu Jul 24, 2008
Hi Joshua,
FHA is for everyone these days, not just first time homebuyers. Make sure your realtor(R) can recommend a good mortgage broker familiar with FHA. In this scenario you can put as little as 3% down and sometimes even less. Your age is irrelevant, and having stability at your job, and good credit mean you can get a mortgage probably anywhere, its just that conventional lenders usually require minimum of 10% down in this market. Best of luck to you! Go buy a home! It's a great time for buyers AND sellers! and give me a call if you need a referral to a great realtor. thanks! Maggie
0 votes Thank Flag Link Thu Jun 5, 2008

No you shouldn't have difficulty. From your description you have two points of the triangle completed. Good credit with a high paying job. Unless you have an enourmous amount of outstanding debt I could not forsee any troubles whatsoever with you getting financed. FHA is definately a viable option. You will most certainly put less down. In my opinion you will recieve great financing. Contact a local banker that you trust and is reputable for providing good service.

Brent Bester
Mortgage Professional
0 votes Thank Flag Link Sat May 17, 2008
Hi Joshua,

Try getting with a major lender whi is a direct underwriter for FHA. Wells Fargo is one option. Fha allows just a 3 % down payment and your age doesn't matter. Good credit and job stability is what matters most.

Good luck with your house hunting.
0 votes Thank Flag Link Sat May 17, 2008
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