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Will young age affect the loan rate or my chance of buying a home?

Recently graduated college and I have money set aside from inheritance. Will my age discourage lenders or force me to accept a high mortgage rate. Is it all about the down payment? by alexander8283mk from Auburn, Washington. Aug 15th 2013 Reply


Adrielle Edwards (AdrielleEdwards)
#902 ranked lender in California - 96 contributions

Age will not affect your ability to qualify or your rate. Lenders will look at your credit score, income, amount for your down payment, etc. One issue you may run into is your income history. Lenders like to see two years of work history with stable income. Having just graduated college, you likely do not have this. However, if you are working in the field of work you went to school for you may be able to get around this, especially with FHA. Contact a local lender and discuss your specific situation with them and they will be able to lead you in the right direction.

Aug 15th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

So long as your 18 years of age or older, and you have stable employment, you should be ok.. there are federal laws in place to prohibit age discrimination.. 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 15th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

You MUST be 18 years of age to enter into a contract - ie mortgage note - and that does not affect rate. It's all starts with a Credit Score and from there can determine which type of loan you qualify for. Contact a lender411 loan officer to help you.

Aug 15th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Solid employment in the line of work you trained for in college, plus good credit will be major factors.

Aug 15th 2013
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Your age will have nothing to do with your rate or approval. We will look at your credit scores and the down payment and loan program to decide your rate. We are licensed to lend in Washington I would love to help you.Thanks,Derick Condron503-510-8290

Aug 15th 2013
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Ernesto Marez (Ernesto)
#68 ranked lender in Maryland - 137 contributions

you should be fine, as long as your have a credit profile or a past history of alternate credit ( anything you have been paying for at least 1 yr), the rates are the rates, has no bearing on age, or any other discriminating factors.

Aug 15th 2013
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