This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mortgages For All Ages

Whether you're young, middle age or retired, getting a mortgage isn't always easy. Homebuyers at different stages of life typically deal with their own unique issues when it comes to loan approval.

"Different age groups face different sets of challenges," says Edward Achtner, regional sales executive for Bank of America in Oakland, Calif. "You have to take the time to determine the right mortgage product for your situation."

Here's some advice from several loan experts on how homebuyers of different ages can overcome common stumbling blocks.

Younger homebuyers

Many first-time homebuyers often have high amounts of student-loan debt, and small cash reserves for a down payment which prevents them from being able to take out a mortgage, says Gloria Shulman, founder of Centek Capital Group in Beverly Hills, Calif.

"I have had to come up with very creative financing solutions for surgeons who are saving lives but getting denied (home) loans because of their student loans," she says.

Shulman says mortgage providers have some pretty straightforward rules regarding your "debt-to-income" ratio, so make sure your income allows you to comfortably repay the student loan alongside your mortgage, she says.

If you're looking to purchase a "starter house" that you'll only reside in for a few years, consider looking into a 5 or 7-year adjustable-rate mortgage (ARM). "They'll likely have lower mortgage rates (which could mean easier approval)," Shulman says.

Lastly, many states offer homebuyer assistance programs for first-time buyers that assist with either a lower down payment, interest rate or sometimes both. Be sure to research which programs are available from the Housing Finance Agency in your state.

Middle aged

Homebuyers in their 30s, 40s and 50s are part of the "sandwich generation" where they may need to upgrade to a larger home to accommodate a growing family, whether that means more children, aging parents or both, says Achtner. "These borrowers are often in their prime earning years, but they also have more complexity with their family," he says.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs