347,523
Yes indeed, check experience of lender. Last year I sold an historic 150 year old home with a "stream running through it." Lender required cost to cure. Client said how do you cure a stream under the house? The other side submitted a proposal that did not answer lender requirements and got rejected. I found the contactor that did satisfy lender and could do the job right. We closed on time!!
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Kat Palmiotti
Kalispell, MT
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Doug Dawes
Topsfield, MA
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Peter Testa
Danbury, CT
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
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Steve Higgins
Kelowna, BC
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Richie Alan Naggar
Riverside, CA
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John Juarez
Fremont, CA
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Ron and Alexandra Seigel
Carpinteria, CA
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Michael Jacobs
Pasadena, CA
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Wanda Kubat-Nerdin - W...
St. George, UT
1,323,044
Yes. It is not the age. It is the condition of the property that is important. The land has value and the buildings will have value. It is not a matter of will the lend...it is a matter of how much they will lend...based on their appraisal of the collateral and the qualifications of the lender.
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Kat Palmiotti
Kalispell, MT
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Doug Dawes
Topsfield, MA
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Carol Williams
Wenatchee, WA
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Bob "RealMan" Timm
Minot, ND
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Kathleen Daniels, Prob...
San Jose, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Steve Higgins
Kelowna, BC
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Richie Alan Naggar
Riverside, CA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Kris Collis, Associate...
East Stroudsburg, PA
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Michael Jacobs
Pasadena, CA
4,582,184
In the Pasadena and surrounding area, it's quite common. Is there a reason why lenders in the area in question would have any restrictions on doing so?
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Kat Palmiotti
Kalispell, MT
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Kathleen Daniels, Prob...
San Jose, CA
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Steve Higgins
Kelowna, BC
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Richie Alan Naggar
Riverside, CA
-
John Juarez
Fremont, CA
-
Ron and Alexandra Seigel
Carpinteria, CA
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Wanda Kubat-Nerdin - W...
St. George, UT
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Kris Collis, Associate...
East Stroudsburg, PA
1,553,330
Yes, I have owned one and refied it and then sold it and my buyer got a loan.
For more information, ask Jason E. Gordon
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Kat Palmiotti
Kalispell, MT
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
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Jason E. Gordon
San Diego, CA
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Richie Alan Naggar
Riverside, CA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
John Juarez
Fremont, CA
-
Ron and Alexandra Seigel
Carpinteria, CA
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Thomas J. Nelson, REAL...
La Jolla, CA
5,772,581
Richie,
We have these homes here also. They have been taken care in terms of maintenance and updating electrical. plumbing, etc, and some have a historical designation. The same is true. in SF, and the lenders have had no issues. A
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Kris Collis, Associate...
East Stroudsburg, PA
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Kat Palmiotti
Kalispell, MT
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Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
-
Richie Alan Naggar
Riverside, CA
-
Wanda Kubat-Nerdin - W...
St. George, UT
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John Juarez
Fremont, CA
3,383,384
I sold a 192 year old property a couple years ago to a buyer with a loan. It was not an issue at all.
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Kris Collis, Associate...
East Stroudsburg, PA
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Lyn Sims
Schaumburg, IL
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Richie Alan Naggar
Riverside, CA
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Michael Jacobs
Pasadena, CA
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Candice A. Donofrio
Fort Mohave, AZ
636,227
I'd make a joke about "age discrimination" not being allowed under Fair Lending Laws, but that is clearly for people, not homes. If the home is up to snuff and it appraises, it is eligible for collateral for loan purposes.
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Margaret Rome Baltimor...
Pikesville, MD
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Tony and Suzanne Marri...
Scottsdale, AZ
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Richie Alan Naggar
Riverside, CA
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Michael Jacobs
Pasadena, CA
1,056,272
Oh wow. What a great question, and in my area, the oldest home I've seen in Needles California across the river = 1905. Code violations would have kiboshed financability, but our country is over 200 years old so I would imagine it happens all the time in older states.
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Kris Collis, Associate...
East Stroudsburg, PA
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Lyn Sims
Schaumburg, IL
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Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
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Richie Alan Naggar
Riverside, CA
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Michael Jacobs
Pasadena, CA
2,071,156
Yes. The age of the property doesn't come into play. In our area we have many homes that are 100-years-old and older.
And, as you can imagine, there are even more on the east coast, and they're all capable of obtaining financing... age is not a factor.
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Lyn Sims
Schaumburg, IL
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Richie Alan Naggar
Riverside, CA
3,138,811
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, this question is for you!
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Kathleen Daniels, Prob...
San Jose, CA
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Richie Alan Naggar
Riverside, CA
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Ron and Alexandra Seigel
Carpinteria, CA
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Michael Jacobs
Pasadena, CA
1,201,477
Here in New England they do
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Steve Higgins
Kelowna, BC
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Michael Jacobs
Pasadena, CA
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Richie Alan Naggar
Riverside, CA
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Doug Dawes
Topsfield, MA
2,399,936
They would here Richie Alan Naggar . My first choice would be my friend Chad Vogel , a loan broker. If he couldn't come up with anything I'd check with the Credit Union I currently work with.
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Steve Higgins
Kelowna, BC
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Michael Jacobs
Pasadena, CA
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Richie Alan Naggar
Riverside, CA
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Doug Dawes
Topsfield, MA
3,349,404
I imagine lenders will loan on 100-year-old homes. They are doing in my area. I'd be asking why a lender may not lend on 100-year-old homes.
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Richie Alan Naggar
Riverside, CA
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Michael Jacobs
Pasadena, CA
808,279
Yes they would.
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Richie Alan Naggar
Riverside, CA
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Michael Jacobs
Pasadena, CA
1,206,261
yes
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Richie Alan Naggar
Riverside, CA
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Michael Jacobs
Pasadena, CA
2,456,409
Yes, I sold a home that was more than 120 years old. The buyers used a mortgage.
It's not the age, it's the condition.
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Lyn Sims
Schaumburg, IL
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Michael Jacobs
Pasadena, CA
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Richie Alan Naggar
Riverside, CA
2,187,593
This sounds like a great investment property. Age is not a factor. Lots of 100+-year-old homes in this country. It's all about condition and meeting lending requirements, regardless of age.
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Steve Higgins
Kelowna, BC
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Michael Jacobs
Pasadena, CA
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Richie Alan Naggar
Riverside, CA
6,417,445
Most of ours are well over 100, and much better construction than the 20-50 yr old homes.
And yes, the banks do loan on these.
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Bob Crane
Stevens Point, WI
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Richie Alan Naggar
Riverside, CA
888,517
I don't see why not. It would depend on the overall condition of the property and the type of the loan & the strength of the buyer. 3 homes on one lot..... is that a a non-conforming detached triplex?
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Michael Jacobs
Pasadena, CA
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Richie Alan Naggar
Riverside, CA
766,079
Someone will loan on it for sure.
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Michael Jacobs
Pasadena, CA
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Richie Alan Naggar
Riverside, CA
2,685
Hi Richie,
So long as the structure of the homes and surrounding conditions do not pose harm or possible risk for the lender then I can't see why not. Ultimately the appraiser will be the one to give the ok to the lender so you should be there to meet with them and explain everything.
Always confirm with a lender before advising.
Hope this helps!
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Richie Alan Naggar
Riverside, CA
7,863,184
913,468
They do here. We have hundreds of homes built before 1900.
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Richie Alan Naggar
Riverside, CA
5,877,335
I would think so, but definitely would check with my lender professional.
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Richie Alan Naggar
Riverside, CA
420,003
Age of subject doesn't matter. Condition does! Make sure all health and safety code violations are fixed- broken window, water heater strapping, carbon monoxide detectors in appropriate location. Is two houses- will be considered a duplex in the pricing add. Tell me the address Richie and I can help you further
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Richie Alan Naggar
Riverside, CA
1,457,019
That would create a nightmare in my area! We've homes older than Canada in my backyard! My own home is 140 years old. We're known as "The Limestone City" due to the historical forts and homes made of stone.
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Richie Alan Naggar
Riverside, CA
902,038
I don't see why not. In the New England area we have many older, stately homes that are well-maintained and solidly built.
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Richie Alan Naggar
Riverside, CA
921,504
Of course they will.
All land is over 100 years old. Now, the improvements is a different story typically revealed as a testimony of preservation. If the owner kept the bugs and water out...they are most likely good to go in recouping the remodeling costs.
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Richie Alan Naggar
Riverside, CA