How does the age of the property affect mortgage approval in Idaho?

@ethelyn_hansen 

The age of a property can affect mortgage approval in Idaho in various ways:

1. Condition of the property: Lenders consider the age and condition of the property when determining mortgage approval. Older properties may require more maintenance and repair costs, which can impact the borrower's ability to make mortgage payments.
2. Appraisal value: Older properties may have a lower appraisal value compared to newer properties due to wear and tear over time. If the appraisal value is lower than the loan amount requested, it can affect the borrower's ability to secure a mortgage or the terms of the loan.
3. Lender requirements: Some lenders have restrictions on the age of the property they finance. For example, they may not lend on properties that are more than a certain number of years old. This can limit the borrower's options for obtaining a mortgage.
4. Renovation costs: In some cases, older properties may require renovations or updates to comply with modern building codes or to meet the lender's requirements. The additional renovation costs can impact the borrower's ability to secure a mortgage or affect the loan terms.

Overall, while the age of a property itself does not directly determine mortgage approval in Idaho, it can influence factors such as property condition, appraisal value, lender requirements, and potential renovation costs, which can affect the borrower's ability to secure a mortgage or the terms of the loan.

@ethelyn_hansen 

Additionally, the age of the property can also impact the type of mortgage programs available to borrowers. Some mortgage programs may have restrictions on the age of the property, such as FHA loans which have specific guidelines for older properties. Borrowers seeking financing for older properties may need to meet additional requirements or consider different loan options that cater to specific property age criteria. Therefore, it is essential for borrowers looking to purchase older properties in Idaho to research and understand how the property's age can affect mortgage approval and explore their financing options accordingly.