FNA Sets Age Limit for Used โฃHome Loans, Emphasizes Creditworthinessโ &โค Property Evaluation
Bogotรก,โ colombia – Colombia’sโฃ National Savings Fund (FNA) has established a maximum ageโฃ of โ65 for applicants seeking loans to purchase used homes, a move impacting potential homebuyers and the secondary property market. While age is โคa factor,โค the FNAโฃ stresses that loan approval ultimately hinges on a โคborrower’s ability to repay and a thoroughโ assessment of the property itself.
Theโค new guideline comes as the FNA seeksโ to balance accessibility to โhomeownership with responsible lending practices. The age restriction, combined with rigorous financial โand property evaluations, aims to mitigate risk for both the fund and borrowers. This impacts individuals aged 65 and over consideringโ purchasing an existing property with an FNA loan, โwhile also providing clarity โfor those within โthe eligible age range navigating theโ application process.
The FNA undertakes a complete legal review of any property considered for mortgage financing.โ This process includes requesting a Certificate of Tradition and Freedom to verify the property’s legal history and confirm the absenceโ of existing liens or โฃembargoes.recent tradition writingsโค are also scrutinized,โ alongside a โcommercial appraisal conducted byโ an authorized expert to determine the property’s current market value for credit calculation purposes. For jointly owned properties, theโ relevant horizontalโ property regulationsโ are also required.
However, meetingโ the age requirement is not a guarantee of approval. according to the FNA, the “final approval of โthe credit depends entirely on the applicant’s payment capacity, their credit history โฃand the favorable result of the studyโฃ of the property’s titles.” This means aโ strong credit profile and demonstrable income โคare crucial, โขeven for eligible โapplicants.