{"id":2435,"date":"2021-01-29T06:35:01","date_gmt":"2021-01-29T06:35:01","guid":{"rendered":"https:\/\/www.americamortgages.com\/?p=2435"},"modified":"2026-01-12T08:19:16","modified_gmt":"2026-01-12T08:19:16","slug":"age-limit-for-a-u-s-mortgage","status":"publish","type":"post","link":"https:\/\/www.americamortgages.com\/age-limit-for-a-u-s-mortgage\/","title":{"rendered":"Is There An Age Limit For Getting A U.S. Mortgage?"},"content":{"rendered":"\n

Becoming a real estate investor<\/a> is often seen as one of the universal signs of personal financial achievement, no matter what’s your age. While, technically, there is no age limit for a U.S. mortgage, there are some age-related home buying guidelines you should keep in mind.<\/p>\n\n\n\n

HOW OLD IS TOO OLD TO GET A MORTGAGE?<\/h3>\n\n\n\n

Because a mortgage is a legally binding contract that allows you to finance the cost of a home over a long time, some people might wonder if there are age limits involved. For example, if you\u2019re 75, could a lender refuse to let you take out a 30-year mortgage? After all, the average life expectancy in the United States is 78.6, according to the Centers for Disease Control and Prevention.<\/p>\n\n\n\n

The good news for seniors looking to buy a house is that it is against the law for a mortgage lender to discriminate against you based on age. The Equal Credit Opportunity Act (ECOA<\/a>), which came out of the Civil Rights Act of 1964, says lenders cannot deny you credit based on age, as well as other criteria like race, color, religion, national origin, sex, or marital status. The Fair Housing Act<\/a> of 1968 adds even further protections, specifically stating that it\u2019s against the law to discriminate in any residential real estate transaction.<\/p>\n\n\n\n

However, there are some instances in which a lender could consider a lendee\u2019s age indirectly. According to the Consumer Financial Protection Bureau<\/a>, a lender may look at whether you are close to retirement age and make a decision based on your having enough income to handle the loan. But again, in this instance, the disqualifying factor is not your age but rather your ability to manage loan payments.<\/p>\n\n\n\n

HOW YOUNG IS TOO YOUNG TO GET A MORTGAGE?<\/h3>\n\n\n\n

Can age be a discouraging factor when it comes to getting a mortgage if you\u2019re closer to high school graduation age than retirement? Lenders can\u2019t deny a mortgage application solely because of age, but states have laws that determine the age at which a contract can be negotiated. For example, in Virginia, you must be 18 to enter into a legally binding contract, including a mortgage.<\/p>\n\n\n\n

Your age may also affect your ability<\/a> to meet other requirements for being approved for a mortgage loan.<\/p>\n\n\n\n

Lenders evaluate your income to see that you have enough to make the mortgage payments. If you\u2019re under 18 or even in your early 20s, it\u2019s unlikely that you\u2019ll have a job in which you make enough to take on a mortgage. Lenders also typically require you to have a specific credit history, meaning they may not have enough credit history to meet the lender\u2019s requirements. Young people who haven\u2019t had time to build a credit history by using credit cards or taking out loans are likely to fall in this category.<\/p>\n\n\n\n

Finally, homebuyers typically need to make a down payment<\/a>. For example, the minimum down payment for a non-citizen is 30%. U.S. citizens living abroad and purchasing a second home or investment property may be able to put down as little as 10% if they still maintain a U.S. credit score.<\/p>\n\n\n\n

THE RISKS OF TAKING OUT A MORTGAGE AT AN OLDER AGE<\/h3>\n\n\n\n

Just because you can legally take out a U.S. mortgage at any age doesn\u2019t mean it\u2019s always the wisest move. A mortgage is a long-term commitment, and you want to make sure you\u2019re ready for it. If you\u2019re a senior and thinking about taking out a mortgage, consider the following risks.<\/p>\n\n\n\n

Mortgage debt can hamper your day-to-day finances. When people retire, they typically live on a fixed income. There are no more promotions to look forward to or year-end bonuses to give your finances a boost. Some seniors may find it challenging to make those mortgage payments month after month, along with their other expenses on a fixed income. If a financial crisis hits, they could experience a financial disaster. The Consumer Financial Protection Bureau<\/a> points out that this did happen during the Great Recession of 2007-09. Many older homeowners struggled to pay their mortgages and eventually foreclosed on their homes.<\/p>\n\n\n\n

Unexpected repairs can throw your budget for a loop. Your mortgage payment isn\u2019t the only thing you\u2019d have to worry about. Most homeowners at some point experience the sticker shock that comes with appliance replacements and major repairs. If you\u2019re living on a fixed income, replacing a roof or buying a new furnace may be too much to handle on top of homeownership\u2019s regular costs. Also, keep in mind that if you\u2019re handy around the house and have been able to do your repairs, you might not be able to do as much physical work as you age. In that case, you\u2019d likely have to pay someone to do the jobs you used to be able to do.<\/p>\n\n\n\n

You\u2019ll likely have less time to build equity. One reason people buy real estate is so they will have something to pass down to their heirs. If you buy a house at an older age, there\u2019s a higher chance you won\u2019t live in the house long enough to build a lot of equity. In that case, if you die and your house is left to heirs who want to sell it, there may not be much of an inheritance for them to split.<\/p>\n\n\n\n

THE BOTTOM LINE<\/h3>\n\n\n\n

Age plays a role in many of our biggest decisions. Whether we\u2019re thinking about marriage, starting a business, or retirement, we often consider whether the timing is right to pursue these goals. While age can\u2019t legally deter you from buying a house, you should always weigh the pros and cons of real estate investing.<\/p>\n\n\n\n

America Mortgages<\/a> has programs that do not require income proof, which may help obtain a mortgage at an older age where income may be sporadic.<\/p>\n\n\n\n

For more information, please contact hello@americamortgages.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Becoming a real estate investor is often seen as one of the universal signs of personal financial achievement, no matter what your age. 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