The short answer is that is doesn’t affect them at all.
I’m are proud to say that Fairway Independent Mortgage has always permitted the recognition of same-sex marriage on our applications. If the borrower’s indicate they were married, then for our purposes, we consider the borrowers as married.
We do not question whether or not a borrower is legally married simply because of a same-sex spouse. If the borrower was legally married in a state that allows/accepts/recognizes same-sex marriage, for legal purposes, that borrower is married and will report himself/herself as married regardless of the state the borrower may purchase or refinance a property in.
These same rules apply for conventional, FHA, USDA, and VA financing.
The rules are slightly different for unmarried borrowers . . .
Unmarried borrowers, including but not limited to, unmarried same sex couples may apply for joint credit on a joint mortgage only if they have a history of living together, currently reside at the same residence together, share at least one reported joint credit account and share at least one joint asset account. If the borrowers meet these criteria and will be on a joint 1003 – then a credit report must be pulled jointly.
If two unmarried borrowers are applying for mortgage and do not display ALL of the required characteristics above, they must be listed on separate loan applications with an individual credit report for each borrower.
Please contact me with any questions.