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If you're planning to retire, you might have some trouble qualifying for a mortgage. Here's what lenders can — and can't — consider when approving you for a home loan.
For retirees hoping to get a mortgage, there's some good news. The Equal Credit Opportunity Act prevents lenders from discriminating based on age, so being 67 won’t affect your chances of ...
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Loan type. Minimum credit score. Conventional loans. 620. FHA loans. 580 with 3.5% down payment, 500 with 10% down payment. VA loans. No minimum requirement, but generally 620
Only 20% of Americans are confident they'll have a comfortable retirement — use this 1 magic move to get back on track ASAP (It will only take seconds but most people don't do it.)
For example, if your pre-tax monthly income is $8,000 and your mortgage payment is $2,000, you have a front-end ratio of 25% (meaning that your mortgage consumes 25% of your income).
After purchasing your forever home and feeling confident in your career, you may wonder whether it would be worthwhile to put your extra income toward retirement or use it to pay off your...
And if you’re one of the many diligent Americans who either take out a 15-year mortgage or make extra payments along the way on a standard 30-year, you may be mortgage-free even sooner.