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Young or Old, Homebuying Is for You!

Young or Old, Homebuying Is for You!


Young or Old, Homebuying Is for You!

Whether you’re 20 years old or a few times that, you might be thinking about buying a house. And why not? Homeownership is chock full of benefits no matter your age. There are, however, some age-based issues to consider before you start looking to purchase a home.

Does age affect a lender’s willingness to approve your home loan? 

If you’re worried that you’re too old to qualify for a mortgage loan, you’re in luck. It’s against the law to discriminate based on age, so senior citizens are not at a disadvantage for landing a loan.

For younger potential buyers, the process may be a little tougher, but not specifically because of age. If you’re 18, you can legally enter into a contract in most states. However, it’s common for newly minted adults to have neither the credit history nor the financial means to afford a home.

What are the borrowing challenges for younger people and older people? 

Younger people may lack enough of a credit history to have a high enough credit score to get approved for a home loan. In addition, their work history may not be stable enough for lenders to feel confident in lending them money. Many young people are saddled with student loan debt that makes buying a home challenging.

Older adults can run into problems, too. If you are already retired, you may not have the income to purchase a home. Past credit mistakes may haunt you with low credit scores that would derail qualifying for a mortgage. And buying too much home for your budget can wreak havoc on your finances in your golden years.

What are the benefits of buying at a younger age? What are the benefits and ease of securing a mortgage as an older or retired person?

For younger buyers, there are many options for mortgage loans available, like first-time buyer loans. Some of these offer 100% financing and are more lenient on credit scores. Younger people also generally have fewer debts, so managing a monthly mortgage payment (provided you have a good job) may seem easier.

Older homebuyers can reap the benefits of a long, well-managed credit history and a hefty savings account. They may also be able to take advantage of a VA loan or other loan programs geared more toward seniors.

A bad credit mortgage can assist both generations if they’ve made some wrong moves regarding their credit.

Whether you are young or young at heart, there are options available to you and benefits to enjoy from homeownership. Take stock of your needs, set a realistic budget, and move forward with your purchasing plans.

Thinking about buying a home? Contact Mortgage Investors Group for lending advice you can trust. We can provide a borrowing experience specifically tailored to your needs, no matter your age.

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020