Posted
on Tuesday, June 7, 2022
in
Mortgage Lending
I’m Single, Can I Get a Home Loan?
There is a stereotypical notion that homeownership is reserved for married couples or families. That could not be further from the truth. Marriage is not a requirement of homeownership.
Statistics show that household composition has shifted over the last three decades and there are more single adults living in the U.S. than ever before. In fact, the U.S. Census Bureau data indicates that more than 38 percent of homeowners are single, meaning they are either unmarried or unpartnered.
According to Ellie Mae Millennial Tracker™, as many as 47 percent of millennial homebuyers in 2020 were unmarried.
If you are single and ever wondered it would be possible to buy a house without a spouse or partner, First National Bank is here to say it is!
How Does Your Single Status Affect the Homebuying Process?
Your status as a single person will not directly affect your loan qualification. Lenders can’t deny you a loan because you’re not married.
The amount a single person can borrow to purchase a home could be different than that of two applicants, but not necessarily so. It all depends on the applicant’s income, debt-to-income ratio, credit score, and ability to make the loan payments.
Considering these factors, could a single person potentially borrow more funds than a couple? Yes, that is possible.
Lots of single people are buying homes today. If you are looking to buy, talk to a First National Bank mortgage lender about the loan approval process.
In addition, use our mortgage calculator to get a more accurate representation of what amount of funds you might be eligible to borrow.