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First Time Buyer

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The fact that you are a first-time buyer is a bonus. Also, it is much easier to qualify for a loan if you are going to be living in the property. It is called “Owner Occupied.” It’s almost a necessity, a condition for a loan, certainly for a first-time buyer.

As the Owner/Occupier of the property, you will be living in the property you are taking out a mortgage to buy and will always be on-site to care for it. No Lender is going to give you your first loan on a property that you don’t plan on living in. They want you to have, “skin in the game” and all that. It is more of a risk to them. Even if you are a seasoned borrower and this is your second house, lenders usually want you to be an Owner-Occupier.

A “seasoned borrower” is one who has consecutively paid one or more mortgages for at least two years. Don’t be deterred if this is not you. All borrowers have their first loan, and this is yours. You are gainfully employed, have a source of income and have good credit – carry on.

If you are a younger gay buyer, having many working years ahead of you is an advantage when being considered for a mortgage, certainly for your first mortgage.

For us mid-career or retiring gays, we may have the advantage of having more money down, more assets to list, more credit experience (good for us). When you go back in a year or two, or three, looking for second mortgage to buy a second property, the lender will look at how seasoned you are, how consecutive and successful you were at paying your first mortgage.