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Criteria for house buying? Updated question about age?

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sometimesmommy
Always in my heart.....

Member since 11/06

6686 total posts

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Criteria for house buying? Updated question about age?

How much are banks requesting from people with good credit--can you still put down 10% or is that a thing of the past?

Message edited 9/29/2008 11:09:04 AM.

Posted 9/29/08 8:39 AM
 
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PotofLuck06
Our Baby Boy Is Here!!!

Member since 11/06

13241 total posts

Name:
Betsy

Re: Criteria for house buying?

With today's financial crisis - best bet is to check with the banks/mortgage brokers. What was done in the past may not necessarily be what is allowed today.

Posted 9/29/08 8:47 AM
 

Beth
The Key to your new home....

Member since 2/06

24849 total posts

Name:
Beth

Re: Criteria for house buying?

if you are interested in an FHA loan- you can put less down and your credit doesn't have to be as perfect (700+)

the fees are alittle higher

also- banks are really looking at debt to income ratios- so it's best to pay off everything you can- to have the lowest debt to income ratio possible

Posted 9/29/08 10:41 AM
 

sometimesmommy
Always in my heart.....

Member since 11/06

6686 total posts

Name:

Re: Criteria for house buying?

Posted by Beth1210

if you are interested in an FHA loan- you can put less down and your credit doesn't have to be as perfect (700+)

the fees are alittle higher

also- banks are really looking at debt to income ratios- so it's best to pay off everything you can- to have the lowest debt to income ratio possible



They have little debt-well a new SUV for about 37k and 2 credit cards maybe 5k max and thast it. They are older--in their early 50's--do banks consider age? It would be their first home....

Posted 9/29/08 11:08 AM
 

Aries14
Can't plan life...

Member since 8/08

2860 total posts

Name:

Re: Criteria for house buying? Updated question about age?

I just closed in July with 3% down. FHA loan.

ETA: let me know if you have any questions!

Message edited 9/29/2008 11:12:55 AM.

Posted 9/29/08 11:11 AM
 

TheDivineMrsM
2 girls 4 me!

Member since 8/08

7878 total posts

Name:
Mama mama mama....

Re: Criteria for house buying? Updated question about age?

Posted by sometimesmommy

Posted by Beth1210

if you are interested in an FHA loan- you can put less down and your credit doesn't have to be as perfect (700+)

the fees are alittle higher

also- banks are really looking at debt to income ratios- so it's best to pay off everything you can- to have the lowest debt to income ratio possible



They have little debt-well a new SUV for about 37k and 2 credit cards maybe 5k max and thast it. They are older--in their early 50's--do banks consider age? It would be their first home....



as long as they can prove income and have good credit, i don't think banks can consider age...

Posted 9/29/08 12:27 PM
 
 

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