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qualify for loan, too young

how does age factor into getting a loan? what age is considered too young where it will negatively effect your chances of getting a loan? is it illegal to deny someone a loan who otherwise qualifies because of his or her age? by JohnG_907_807 from Stoughton, Massachusetts. Aug 17th 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Discrimination of any sort is strictly illegal. As long as you are of legal age to enter into a contract and have the other necessary requirements you will be fine.

Aug 17th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Age really is not a factor and can't be when being considered for a loan. A young person however, may face real challenges getting a mortgage loan because of either no credit history or new credit history (less than one year of reporting trade lines).

Aug 17th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

Most states recognize an individual as being an adult at the age of 18. Since you need to enter into a contract to qualify for a mortgage, you must be old enough to sign the contract... even if your just 18, and you apply for a mortgage.. you would still have to have the necessary income and job requirements that are imposed on all borrowers, young or old.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 17th 2012
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Donald LaPlume (dlaplume)
#6 ranked lender in New Hampshire - 47 contributions

Conventional and all forward mortgages - As others have said below, as long as you are of legal age to enter into a contract you are fine and your age is not a factor.Reverse mortgages your age is a factor. First, you must be 62 years of age at a minimum to qualify. The older you are above the age of 62 the greater the amount of your homes equity you can borrow. Should you have any further questions please do not hesitate in calling me at 603-543-3700 ext 1.Wishing you all the best,Don LaPlume

Aug 17th 2012
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Joe LaVallie (joe.lavallie)
#68 ranked lender in Washington - 125 contributions

As long as you are old enough to enter a contract in your state AGE can not be used as a qualifying standard unless you are applying for a home equity conversion mortgage.

Aug 17th 2012
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Ron Zach (ronmzach)
#113 ranked lender in Texas - 2 contributions

Age really is not a factor and can't be when being considered for a loan. A young person however, may face real challenges getting a mortgage loan because of either no credit history or new credit history (less than one year of reporting trade lines).

Aug 17th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Seriously ronmzach?? Was this question so difficult that you had no idea how to answer so you copied and pasted my answer and posted it as your own? Not exactly building confidence in you business acumen or ability there buddy.

Aug 17th 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,915 contributions

There are only two age requirements that I am aware of. At least legal age (18) to sign a contract, and at least 62 to qualify for a reverse mortgage. Other than that, age is not a consideration at all.

Aug 17th 2012
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