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?
Depends on credit score and amount of the mortgage……I can’t see why not.
Lenders cannot descriminate on age. They use income, debt, credit and appraised value to make a decision on a loan.
I found lots of good information here.
Age doesn’t matter good or acceptable credit scores do
Your best bet is to contact a mortgage broker in your area. They generally work with 20-30 different mortgage companies and can find something suitable for you.
Also check with your local banks and credit unions.
The criteria for a mortgage will depend upon your annual salary, other asset you may have, down payment, and the price of the house that you are buying.
Age and sex discrimination in lending is illegal
I worked in a Bank giving Mortgages for 7 years and you bet we discriminated because of age. The long and the short of it is, why would we borrow you money that you probably won’t live long enough to pay back (Mortgage payments are usually for 20-30 years). Don’t mean to upset you but you will likely be asked to put down a larger deposit than usual, so the Bank has less at risk.
Being single reduces your expenses, and increases your resources available to borrow more money.
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.
Please post a link where it shows that the mortgage calculator shows different rates for married people vs single.
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.
Well, you do not get to file as married because you own a home.
But, no, being single does not effect your ability to obtain a loan. In fact it would be illegal to discriminate against you for your family status.
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