Magazine article The Advocate (The national gay & lesbian newsmagazine)

Safe as Houses: Michael Corbett Offers Advice to LGBT Homebuyers in His New Book, before You Buy! the Homebuyer's Handbook for Today's Market

Magazine article The Advocate (The national gay & lesbian newsmagazine)

Safe as Houses: Michael Corbett Offers Advice to LGBT Homebuyers in His New Book, before You Buy! the Homebuyer's Handbook for Today's Market

Article excerpt

THE THOUGHT OF JUMPING into homeownership today can be daunting, and with so much uncertainty about the current legal policies and specific rights, gay couples must make different considerations. A few simple steps (using Warren and Brian as examples) can ease some anxiety.

Divvy Up the Down Payment

Warren may make more money than Brian. If the down payment and closing costs total $65,000, and Warren puts up $50,000 and Brain kicks in the remaining $15,000, that's OK. It doesn't have to be equal amounts, because you are now going to begin keeping a running total of the money that each person kicks in from the day of your purchase--and that running total will help you decide each person's share of the proceeds, should you sell or part ways.

Get the Mortgage With One or Both

While it's great to have both of you share the responsibility of the mortgage, will the combination of both your financial pictures help or hurt the possibility of getting the loan? If Warren's got great credit, but Brian has maxed out all his cards, then Warren may have to fly solo on the mortgage. …

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