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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.
However, seniors may find it harder to qualify for a new home loan if they have a limited income, existing mortgage or other debt. We often think of homebuyers as young people: newlyweds, couples ...
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
The decision to get a mortgage was a lot easier for retirees when rates were historically low — roughly 3% — and their nest eggs were earning a lot more. “But at today’s rates it’s a ...
The state is again expanding its federally funded mortgage relief program to help more Californians. People who missed mortgage payments up to Aug. 1 are now eligible for help.
The amount of mortgage credit allowed varies depending on the state or local government that issues the certificates, but is capped at a maximum of $2000 per year if your State's rate is over 20%, by the IRS. As an example, if a homebuyer were to receive an MCC that offers a 30% credit on a $200,000 loan for 30 years with a rate of 6%, the ...
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