Posted on: 09th Jan, 2006 04:59 pm
I want to know if mortgage are available to people at young age.
Hi Brooke,
Certainly loans are offered to people at their young age. Lenders check that whether you are between 27 to 75 years.
But more important than age are some other factors on which the lenders look at. They check your income compared to the current debt, your credit history and how much you have in savings.
God bless you.
For MortgageFit,
Samantha
Certainly loans are offered to people at their young age. Lenders check that whether you are between 27 to 75 years.
But more important than age are some other factors on which the lenders look at. They check your income compared to the current debt, your credit history and how much you have in savings.
God bless you.
For MortgageFit,
Samantha
I am 24 and I have decided to buy a condo with my boyfriend within a year. We shall have a small down payment of 6% and income sufficient to support a loan of $180,000. But I have heard to qualify for the loan, we should have filed for 2 years' of tax returns. its been 11 months that i joined my job and my boyfriend will be on his first job from this month. The problem is we haven't filed our taxes for the last 2 years. i have been renting for the a year now and my boyfriend will join me this month on a more expensive property. I had also bought a car for $17,000 with a 20% down payment 10 months ago and i have been maing all payment on it in time. We have good credit though, but will lack of tax filing become a problem in getting the loan?
Hi,
Don't you worry, after all you have good credit and you have also made regular payments on your car loan. I don't think you are going to have any problems in getting the loan.
It does not matter much if you have not filed your tax return, although you should have started filing a return once you were financially independent.
Thanks.
Don't you worry, after all you have good credit and you have also made regular payments on your car loan. I don't think you are going to have any problems in getting the loan.
It does not matter much if you have not filed your tax return, although you should have started filing a return once you were financially independent.
Thanks.
Hi Guest,
Jerry has rightly said that you need not worry much about the tax filing. Lenders look into various other factors while reviewing your loan application. They might verify with your landlord whether you are making timely rental payments. They will also go through your credit report to find out if you are paying any revolving debt, your car loan or your credit card debt in time.
Moreover, by the time you apply for a loan, you will be filing your tax returns and that will be enough. If you need to clean up your tax filing history, then you and your boyfriend can file back taxes for any number of years in which you failed to file but should have filed the tax return.
Regarding your new job, you need not worry as only self-employed borrowers need to be working for 2 years to qualify for the loan.
Thanks,
Caron.
Jerry has rightly said that you need not worry much about the tax filing. Lenders look into various other factors while reviewing your loan application. They might verify with your landlord whether you are making timely rental payments. They will also go through your credit report to find out if you are paying any revolving debt, your car loan or your credit card debt in time.
Moreover, by the time you apply for a loan, you will be filing your tax returns and that will be enough. If you need to clean up your tax filing history, then you and your boyfriend can file back taxes for any number of years in which you failed to file but should have filed the tax return.
Regarding your new job, you need not worry as only self-employed borrowers need to be working for 2 years to qualify for the loan.
Thanks,
Caron.