Lavieenrose9…, Home Buyer in On Top Of The World,...

I am 62 how many years can I finance for and how much do I have to put down first time buyer

Asked by Lavieenrose9607, On Top Of The World, Clearwater, FL Mon Jan 18, 2010

Help the community by answering this question:


at OTOW you can not finance more than 65% of the purchase price. you must have at least 35% down or the deal will not be approved by the association.

this rule has been in place since the inception of On Top of the World and it has helped to maintain the life style of this fabulous community of almost 5000 condos!

my wife and i have lived in OTOW since july of 2000, and we love it here. it's safe and there's a lot to do.

it is also our primary market. we have sold HUNDREDS of condos in On Top of the World.
0 votes Thank Flag Link Mon Apr 23, 2012
Only a lender can give you this information, not a real estate agent. There are many programs available to everyone, speak to your local mortgage specialist for details...
0 votes Thank Flag Link Thu Sep 9, 2010
35% down period has always been their Must.
There are other condos__ you can buy_with less restrictions on financing and as long as your income qualifies for recieving your benefits for the next three years.
Really a Mtg Broker can give you the best options_I Find the perfect Place..My Mtg Bkr referral is awesome and knows all the grant programs_they get the $$$ for you secured! and thennnn we go shoppping! :) chop chop Great time to buy!
0 votes Thank Flag Link Thu Sep 9, 2010
Congratulations on your decision to purchase. First, you need the advice of a local mortgage professional. There are still programs with 0 down, but you must buy in a rural area. (USDA) FHA requires 3.5% of the purchase price or appraised amount, whichever is lower.
By meeting with a mortgage lender first, you can assess your financial abilities and how much you qualify to purchase. Then, connect with an experienced Realtor in your area. I can refer some to you, or some may answer here.
As others have said, your age is not a consideration for financing, but may allow you to consider some communities that are 55 or older.
Best wishes to you for your new adventure.
0 votes Thank Flag Link Mon Jan 18, 2010
generally yearly income x 3 = safe mortgage.

I would be very careful buying a house. make sure you look at all of the costs involved. taxes, insurance, repairs, heat, all the utilities. HOA fees if applicable.

If you decide to buy a house (why not) make sure your payment is based on your guaranteed retirement income. What you make today is irrelevant. What your income will be during retirement will determine what you can really afford.

A blog about preparing to buy a house in a year or so. Tips to prepare to look.…
Explaining the home buying process in simple terms.…

I hope this has helped. I have a few extra blogs you might find helpful also if you look at my profile..
0 votes Thank Flag Link Mon Jan 18, 2010
My mom refinance her home at the young age of 70 without a co-signer. To treat you any different than us yungun's would be age discrimination, something i think Lyndon outlawed.
0 votes Thank Flag Link Mon Jan 18, 2010
You are just like any other first time home buyer. Age has nothing to do with. You can take out a 30 loan just like anyone else. How much you have to put down depends on what type of loan you are getting. Conventional will require more than an FHA loan will. Talk to a lender they can explain all your options.
0 votes Thank Flag Link Mon Jan 18, 2010
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