Eons: View message "Housing Market " in have a home Group

Message 4 of 10

Housing Market

My husband and I have been in financial trouble in the past and owned a home. We had to file bankruptcy due to financial reasons. We now have good credit and have had for a while. At this point in our age I am afraid to buy another home. There is no way a bank will lend a 30 year mortgage to someone over the age of 50. This is the only way someone our age could afford a home at the prices they are selling at. We have been renting for the past 7 years and I am tired of it. I just keep looking hoping to find something we could afford. Besides that, how could you come up with a 10% down payment on a house in the area where we live ($30,000 on a $300,000 home) unless you take the money out of your retirement. I don't think so.

posted by jmd54

Where do you live now and where do you want to retire to?
Why do you say a bank would not lend to someone in their 50's?

posted by MaryMartha
11 months ago

Please check out the down payment assistance programs. You must not have held title on any property for 3 yrs to go through hud and down payment program, then you are considered a first time home owner.

Check ameridream.com. The neimiah program and care 2/legislative sight/ President bush has just signed the elimation of the down payment assistance program Oct 1 2008.
But there is a house bill to reform it and keep it going, they need eveyones signature to get it re instated.

The down paymnet assistance program will only help to stimulate the housing market, not like bush thinks his elimination of it, he thinks will help.

We are in the same boat and have to wait 7 months to be 3yrs without holding title to any property. We are tired of renting, we want a home again.

hope this helps
Dreams do come true.
raj48