Consumption and Real Estate
Is it hard for a single woman to get a home loan?
Question : Is it hard for a single woman to get a home loan?
I am a first time home buyer and am in the process of doing research to ge a home loan. The online mortgage calculators I can find say rates are based on married, two dependent households. Because I have no dependents and all of my income would go toward my own expenses does that make me eligible for more than a married household that brings in equal income to what I earn?
online home loan
Best answer:
Answer by zeuz
Being single reduces your expenses, and increases your resources available to borrow more money.
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#3 written by Expert Realtor 1 year ago
Please post a link where it shows that the mortgage calculator shows different rates for married people vs single.
That’s illegal.
The dependent question…is legal. They cannot ask you on a 1003 loan application how many children you have, but they do ask how many dependents you have. You are required to have so much money in residual income…depending on the number of dependents.
The married question, is a legal one, because it only affects how the property will be vested on title…but it has NO EFFECT on your mortgage rate.
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#4 written by Kathleen Davis - Loan Officer 1 year ago
It is NOT HARD for a single woman to get a loan or any single person. The qualification is the same process: it’s debt to income. If your ratios of your current debt to your current income than adding in your new housing expense of owning a home fall within a reasonable ratio than you will qualify. Just because you are single should not stop you from taking advantage of this fantastic market.
Get a referral of a good loan consultant from someone you trust. Talk with them about your goals and what you want to accomplish, they can help you determine what you qualify for. - Comment Feed for this Post
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