new concerns have arisen in the troubled home financing world. The problem seems to be that people are now being turned down due to their age. Banks are looking for a secure monthly income, no matter what your nest egg, retirement savings or cash on hand might be. If you don't keep it flowing in on a monthly basis, you may just be out of luck when you go to apply for a home loan. The financial institutions see this as obviously because they assume you won't be able to make monthly payments with a decrease in income. While this may be obvious to a banker, many people are shocked by this news.So can your age really affect your ability to purchase a home and deal with some of the strict unwritten rules that some lenders have enforced? Unfortunately, yes.Some people find this out the hard way when they go into their local banks to discuss mortgage possibilities. Even those with the most prestigious financial history can have difficulties taking advantage of the recent low interest rates, no matter how long they have owned their home or how many home loans they have taken out in the past that have been paid in full. If they now have insufficient income to pay back the loan, according to the bank or lenders involved, they will no longer be able to borrow the money.This obviously makes a lot of sense from the point of view of the banker, yet some boomers may not have even dreamed about being denied since their past records are clear of delinquency or foreclosures. It has been happening that it falls on the banker to explain this top people who weren't prepared to hear "no" as an answer.Individuals who have excellent credit scores, holdings in 401k, checking or savings accounts, and a respectable net worth can be denied a home loan because they simply do not receive enough income from their Social Security or other retirement benefits each month. And this problem appears to be happening more frequently all over the country as more retirees attempt to take out a home loan as they always have in the past only to get faced with the shock of not having substantial income.If you think you may fall into this category, it may be best to pay for a home outright, if you can, rather than attempting to borrow money from a bank.Even if borrowers are willing to make adjustments to their income amount such as pulling funds from their checking or bank deposit accounts and setting them aside to help make up for where their monthly income falls short, most of the banks will still neglect to issue out a loan. Similar accounts have occurred due to random bank policies that will not allow a person to receive a home loan, not based on their actual income amount or their credit score, but simply because of strict rules set forth by the bank such as the individual not having a bank account open with them for a long enough period of time.Fortunately there is some help out there for retirees who wish to receive a secure home loan. Government assisted programs such as Freddie Mac and Fannie Mae can help these people apply for a loan using income from their IRA accounts or other retirement account balances, not just their Social Security Benefits.It's a tough market out there for boomers! The irony of all this is now that boomers are mature and financially secure they may be on the look out for that dream home that they feel they can finally afford. Yet its a perfect storm of age and bad timing in the housing market if these folks are being turned down. Let's hope they still have their savings and perhaps help from friends or family to rely on to help get them the house of their dreams. Good luck out there!Article Source: //EzineArticles.com/7147425
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