Image Courtesy: banoootah
I was talking with one of my co-workers the other day about my home refinance. As we were talking, one of our other co-workers overheard the conversation.
This is a new co-worker that transferred from another office a couple of weeks ago so we do not know each other that well. She and her fiancee are in the process of buying their first home and she had a couple of questions about the process. I answered her questions to the best of my knowledge and told her that I'd bought two homes in my lifetime.
They have a good down payment but they are having problems getting a loan because her fiancee has poor credit. I suggested if she can afford the payment on her own, she should get the loan in her name only. She gave me a funny look and said "they won't let me buy a home by myself".
I asked her what she meant and she said if she did that, she would be considered "single" and they would not give her the loan. She has a strong credit score and she is fronting the down payment. I don't know where she got this impression from but I advised her that I am single and I have bought two homes on my own. She was really surprised and said "I thought you were married and had kids since you owned a house."
My other co-worker almost fell out of his chair when she said that. I had to explain to her that yes, single people can buy homes too. As long as you can afford the payment, have good credit and a down payment, pretty much anyone can buy a home.
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