FNA Sets Age Limit for Used Home Loans, Emphasizes Creditworthiness & Property Evaluation
Bogotá, colombia – Colombia’s National Savings Fund (FNA) has established a maximum age of 65 for applicants seeking loans to purchase used homes, a move impacting potential homebuyers and the secondary property market. While age is a factor, the FNA stresses that loan approval ultimately hinges on a borrower’s ability to repay and a thorough assessment of the property itself.
The new guideline comes as the FNA seeks to balance accessibility to homeownership with responsible lending practices. The age restriction, combined with rigorous financial and property evaluations, aims to mitigate risk for both the fund and borrowers. This impacts individuals aged 65 and over considering purchasing an existing property with an FNA loan, while also providing clarity for those within the eligible age range navigating the application process.
The FNA undertakes a complete legal review of any property considered for mortgage financing. This process includes requesting a Certificate of Tradition and Freedom to verify the property’s legal history and confirm the absence of existing liens or embargoes.recent tradition writings are also scrutinized, alongside a commercial appraisal conducted by an authorized expert to determine the property’s current market value for credit calculation purposes. For jointly owned properties, the relevant horizontal property regulations are also required.
However, meeting the age requirement is not a guarantee of approval. according to the FNA, the “final approval of the credit depends entirely on the applicant’s payment capacity, their credit history and the favorable result of the study of the property’s titles.” This means a strong credit profile and demonstrable income are crucial, even for eligible applicants.
