Tag Archives: gay mortgage
Gay Real Estate’s Top 10 Tips for Merging LGBT Finances When Buying a Home
Buying a home with your partner is an exciting event. Before combining finances and purchasing your home together, there are some things that you should talk about and consider. Following are the top 10 tips for merging LGBT finances when buying a home. 1. Have a discussion about your income, debts, spending habits and your credit history. This conversation will let you both know where you both stand financially and help you decide how much home you can afford. 2. […]
Top 3 Ways for Same Sex Couples to finance a Home Purchase
There are several ways that same sex couples can finance a home purchase including traditional mortgage lenders and possible other options. Following are the top 3 ways for same sex couples to finance a home. 1. The U.S. Finance and Administration, FHA, is a division of the U.S. Department of Housing and Urban Development, HUD. Because discrimination based on marital status is prohibited, it makes no difference if you are married or not when applying for a loan. Federal law […]
Exploring Forms of Home Co-ownership for LGBT Unmarried Couples
The forms of co-ownership available to unmarried LGBT couples include joint tenancy and tenancy in common. Note that while tenancy by the entirety is a common designation, it is only available to married couples. When you put both your names on a deed, you must designate the form of co-ownership that is best for both of you. Joint tenancy automatically gives ownership of the property to the surviving partner when one of you dies. In some community property states including […]
How much home can I afford?
That depends largely on your income. Experts suggest your mortgage payment be no more than 28-35% percent of your monthly income. This income-debt ratio is the percentage of your monthly income dedicated to making your monthly mortgage payment. If you want to maximize your home buying potential, you can assume that more of your income will be tied up in your monthly mortgage payment. Let’s assume your gross income is a $100,000 a year and you have $20,000 for a […]
The difference between pre-qual. and preapproved for mortgage.
Many LGBT real estate buyers and gays and lesbians borrowing a mortgage to finance or refinance a home want to know the difference between a prequalified and a preapproved loan. On the surface they sound quite similar, but in practice they have significant differences that relate to the level of commitment a lender is making to the LGBT borrower. The big difference is that prequalification has to do with the process a lender goes through to find out if […]