June 2015

Marriage Equality: How It Changed The Home Loan Process

Marriage Equality: How It Changed The Home Loan Process

On Friday, June 26 2015, the United States Supreme Court ruled in favor of same sex marriages, making it legal in all 50 states. And it all started with a NY same sex married couple case (United States vs. Windsor) regarding rights to estate benefits.

So what does this mean for same sex couples looking to buy a home in NJ?

Our President, Michael Sema, was featured in an article discussing changes for same sex married couples in NJ buying real estate, the mortgage process and VA loans.

Here’s how the Supreme Court Ruling changed same sex married couples’ rights regarding real estate, mortgages & VA Loans:

  1. Benefits & Protection Laws For All
  2. Joint Filing Allowed On Mortgage Applications
  3. Same Sex Spouses & Kids Allowed VA Benefits
img 4 Marriage EQUALITY 300x98 1

1. Benefits & Protection Laws For All

Now all married couples, traditional or same sex, will have benefits and protection. So all the rights afforded to traditional marriages are now extended to same sex marriages.

2. Joint Filing Allowed On Mortgage Applications

Same-sex married couples can now file a joint mortgage application as a household where total income, liabilities and all assets are considered as one submission.

3. Same Sex Spouses & Kids Allowed VA Benefits

Once the Supreme Court made it official that same sex marriages were legal in all states and territories, the Department of Veterans Affairs extended benefits to same sex spouses and their kids.

So now a Veteran’s spouse’s income could be considered to qualify for VA Loan entitlement.

img 28 Apply Now Blog CTA

Was this article helpful?

Related posts
Paramus Mortgage – The Benefits of FHA Loans
July 2017
Paramus Mortgage – The Benefits of FHA Loans

Mortgage and real estate trends are ever changing, which can make managing financial decisions difficult. ...

Buying a HomeFinancial Tips
6 First Time Home Buyer Pitfalls To Avoid
May 2015
6 First Time Home Buyer Pitfalls To Avoid

We’re sure you’ve heard of the absolute HORROR stories from friends and family about their firs...

Buying a Home
First-Time Home Buyer Grants and Programs
March 2019
First-Time Home Buyer Grants and Programs

Purchasing your first home can be an exciting but stressful time, especially when every dollar counts. In ...

Buying a HomeFinancial Tips
Top 3 Mortgage Rate FAQs
September 2017
Top 3 Mortgage Rate FAQs

At Get A Rate, we are proud to offer education on mortgage-related topics because we believe that information...

Buying a HomeFinancial TipsRefinancing