Tag Archives: gay mortgage loans

Because both of your credit scores will be used by the lender when you apply for a mortgage together, one partner with bad credit could result in denial of your loan application or an offer to lend with a higher interest rate. Following are some tips for dealing with bad credit when buying a home with your partner. 1. Under the Federal Fair Credit Reporting Act, FCRA, nationwide credit reporting agencies must provide individuals with a free copy of their credit report once every 12 months. Those agencies include Equifax, […]

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 also prohibits FHA from considering sexual orientation or gender identity […]

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 a gay real estate buyer is eligible for a mortgage. […]