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I have a credit score of 777. I have no debt, have been employed for 5 years at my current job, and have been employed since college for over 20 years. I would like to purchase a home with 20% down. I have the income for the deposit but would like to know if I would be approved for a 30 year mortgage at 52 yrs of age for $180,000. This would be my first home purchase

I have a credit score of 777. I have no debt, have been employed for 5 years at my current job, and have been employed since college for over 20 years. I would like to purchase a home with 20% down. I have the income for the deposit but would like to know if I would be approved for a 30 year mortgage at 52 yrs of age for $180,000. This would be my first home purchase. I am trying to figure out if I can afford the home with taxes, insurance etc by cathy5575 from Lake Worth, Florida. Jun 9th 2011 Reply


Gianni Cerretani (mortgagegodfather)
#33 ranked lender in Georgia - 238 contributions

Good morning Cathy: Wow you are a rare case in this day of first time home buyers! If what you say is accurate, then you are the perfect vanilla client-meaning you are the ideal candidate for a loan. You have great credit, strong work history, low debt to income ratio and assets. Age has nothing to do with qaulifing for a mortgage! You should qaulify for a 30 year convetional mortgage with no PMI at a rate of 4.5%- to 4.75% depending upon if you want to escrow (include) your taxes and insurance into the mortgage payment. On a loan amount of $180,0000 at 4.5% on a 30 year term your payment would be $912.03 just principal and interest. Taxes and insurance will vary depending upon where you buy. I would love to help you out if you need any further help!

Jun 10th 2011
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,869 contributions

The information you've provide gets you off to a great start. Stable employment, a good credit score, and a large down payment. Unfortunately, this still doesn't give any lender enough information to properly answer the question. Missing is your yearly income, which is needed to help you figure out if you can afford the payment. Contact a local NMLS licensed Loan Officer and let them take a full no obligation application. If you are buying in MN or WI, visit www.stpaul-mortgage.com

Jun 10th 2011
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MIKE CONVIN (mconvin)
#5 ranked lender in Delaware - 202 contributions

hi there: If you have the income which it seems like you do per your above comment to support the new mortgage and other debts if any, then obtaining a new loan is not an issue. rates are very low at this time...I would be glad to go over all the programs we offer including no pts etc....We even offer a no closing cost loan to further assist you if needed. We are a federally chartered bank licensed in 49 states. References available upon request. Mike (703 505 5300) or mconvin@stconvininc.com

Jun 9th 2011
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Randy Raque (rraque)
#8 ranked lender in Kentucky - 7 contributions

Good Morning Cathy,Not only do you qualify you qualify for my fast track program.This means lower rates and turn times My name is Randy Raque866-766-1920Thank you

Jun 10th 2011
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TRINA KINGERY (TKingery)
#27 ranked lender in Florida - 6 contributions

Cathy,Your credit score and job history sound perfect for mortgage approval. However, I must know your actual income to determine the mortgage amount. All mortgage programs now require proof of income. If you want to email me, I would like to get your income information. Email: tkingery@homestarfc.comThanks, Trina Kingery @ Homestar Financial Corporation.

Jun 10th 2011
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Chris Gummerson (cgummerson11)
#398 ranked lender in California - 648 contributions

Another point Cathy, lenders cannot discriminate based on age, creed, race, gender, marital status etc. So because you have not purchased a home in your lifetime, would in no way ban you from owning. Even at 80 years old, as long as the borrower qualifies for the loan, the lender must approve and fund it. Good Luck!

Jun 10th 2011
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