Next Avenue: Think you can’t buy a house if you are an older adult, or self-employed? It might be possible.

by | Aug 9, 2022 | Stock Market

This article is reprinted by permission from I wanted to buy a house of my own. After several years filled with changes in location, finances, relationships, and goals, I was ready to settle down, stop renting, and buy a place. I just wanted to buy something simple, in reasonable shape, but at a price I could comfortably manage. That meant that I needed to obtain a mortgage.

As a “solo aging” self-employed 63-year-old, I wasn’t sure if I could pull it off. The pandemic had altered the real estate universe, resulting in higher prices and shrinking inventory. Still, I felt it was the right time for me — I had a good credit score, money available for a down payment, and my debt load was very low. So I began by making a list of things I desired in a home. I also determined a monthly payment range I could comfortably manage. The next step was to find out how much I could borrow.First steps Applying for a loan can be both confusing and intimidating. I had an idea of what I wanted in a house, but I didn’t know whether I would qualify for a mortgage or how much I could afford to borrow. So the first thing I needed to do was to contact a loan company. “The key with any borrower is preparation and planning,” says Valerie Saunde …

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