Definitely not, lenders cannot discriminate based on age as long as you are legal age to enter into a contract (for the mortgage) or in the situation where a certain age is required for the loan program (like I'm about to mention) - because of your age you would also have the option of taking out a Reverse Mortgage to purchase the home/wouldn't have any mortgage payments.... more
Ugh, Eric, that sounds like a horrible situation. It's hard to say exactly what happened here as the lender hasn't called you back. When the loan officer told you your loan had been denied, did he give a reason? It's possible that if you even opened up an additional credit card during your escrow, that your debt-to-income ratio went up and disqualified you for the loan.
The lending market is quite the minefield these days, but you definitely should have gotten some sort of response from them, particularly since you had met all the other conditions they requested. I think the service should've extended to explaining what happened, and I can understand why you would be upset.
Have you tried speaking to another lender about your loan? I know this particular BofA lender couldn't do it, and maybe a different lender you would be able to give you an idea of what's going on.
Caroline Sells The City LA... more