Buying a home??? So my bf doesn’t have very good credit and doesn’t make such a big income like me…..he wants me to get a house under both of our names…his plans are to buy the home and later on (about 6months or a 1 year) change it just to his name…like I said this is just a bf so I don’t know if I should really do this….I feel bad cause he really wants this house…he claims its a very good deal we shouldn’t (he shouldn’t) miss…need advice…should I get it under both of our names…I’m only 20 yrs. old and not planning on buying a home of my own until about 3 years….how long do I have to wait to refinance a house under his name???………..But this could also help me out if he pays the house… when it’s my time to buy a house I will look good under my credit….
Dont do it. Things depend on which country you are in but without being married or engaged it is a bad idea. The state of the market right now means a joint application would probably be rejected anyway. Changing the name on the mortgage deed would require permission from the lender also. I doubt it would work anyway References : im a mortgage advisor
Don’t buy anything "for" him until he can do it himself or you are married and have equal property rights.
Also, if he wants the title to be in his name, he has to be on the loan so even though you’ll contribute a LOT more to the mortgage, taxes, insurance payments, you split 50/50 when you sell.
I’m sure you’re planning on staying together forever but look at the stats… over 50% of marriages break up, probably even higher for gf/bfs. References :
It’s a shame your bf’s credit isn’t that great but I strongly urge you not to put his name on the house if you are the one buying it (for your own LEGAL protection). Should you break up, he would be entitiled to 1/2 that house without having put any cash into it. Put the house in your name (and your name only) - when he’s ready to buy it from you, then, and only then should it go in his name. References :
You are 100% right not to want to do this. It doesn’t matter how long it would before he could buy the home from you, you have ZERO guarantee that he ever will have the ability to do so. The only thing that would be certain is that YOU alone would be on the hook for this house for the entire duration of the mortgage. If it’s not something you want, don’t do it.
If for some reason you still choose to buy, do not put his name on it!! If you’re the only one on the hook and not married, there’s no reason for him to have an ounce of ownership. References :
NO, honey I had a 1.5 carat diamond ring on my and I refused to put my fiance on the home! LOL And he understood!
Does he have family- like a brother or father that could do this for him? And refinancing is not that easy- it’s not a guarantee with the marketing getting worst. My parents home is paid off and they were refused refinancing for a $20,000 loan to fix the roof! Also not all loans are refinancable in 6 months! References :
With poor credit and low income how do you think he will qualify for a loan to purchase the house from you? The mortgage industry has tightened it’s qualifying standards and has made if difficult to obtain a non-conforming loan (anything less than good credit with a 20% downpayment). Could be you’ll end up with having to make all of the monthly payments on your own or face the possibility of foreclosure if you can’t sell the house. If the house is held in both names as tenants in common it could be difficult to sell your share if you wanted out. Sounds like a legal battle down the road to me. If you really want to go ahead with the transaction, then I would recommend purchasing it in your name only, but then you would have to qualify for the loan on your own. You could always have your boyfriend rent from you with the option to purchase at a agreed upon time. Consult with a real estate attorney for legal advise - this is a huge decision that could effect the rest of your life. References :
Buying a home???
So my bf doesn’t have very good credit and doesn’t make such a big income like me…..he wants me to get a house under both of our names…his plans are to buy the home and later on (about 6months or a 1 year) change it just to his name…like I said this is just a bf so I don’t know if I should really do this….I feel bad cause he really wants this house…he claims its a very good deal we shouldn’t (he shouldn’t) miss…need advice…should I get it under both of our names…I’m only 20 yrs. old and not planning on buying a home of my own until about 3 years….how long do I have to wait to refinance a house under his name???………..But this could also help me out if he pays the house… when it’s my time to buy a house I will look good under my credit….
Dont do it. Things depend on which country you are in but without being married or engaged it is a bad idea. The state of the market right now means a joint application would probably be rejected anyway. Changing the name on the mortgage deed would require permission from the lender also. I doubt it would work anyway
References :
im a mortgage advisor
BAD IDEA. BAD IDEA. BAD IDEA.
Don’t buy anything "for" him until he can do it himself or you are married and have equal property rights.
Also, if he wants the title to be in his name, he has to be on the loan so even though you’ll contribute a LOT more to the mortgage, taxes, insurance payments, you split 50/50 when you sell.
I’m sure you’re planning on staying together forever but look at the stats… over 50% of marriages break up, probably even higher for gf/bfs.
References :
It’s a shame your bf’s credit isn’t that great but I strongly urge you not to put his name on the house if you are the one buying it (for your own LEGAL protection). Should you break up, he would be entitiled to 1/2 that house without having put any cash into it. Put the house in your name (and your name only) - when he’s ready to buy it from you, then, and only then should it go in his name.
References :
You are 100% right not to want to do this. It doesn’t matter how long it would before he could buy the home from you, you have ZERO guarantee that he ever will have the ability to do so. The only thing that would be certain is that YOU alone would be on the hook for this house for the entire duration of the mortgage. If it’s not something you want, don’t do it.
If for some reason you still choose to buy, do not put his name on it!! If you’re the only one on the hook and not married, there’s no reason for him to have an ounce of ownership.
References :
NO, honey I had a 1.5 carat diamond ring on my and I refused to put my fiance on the home! LOL And he understood!
Does he have family- like a brother or father that could do this for him? And refinancing is not that easy- it’s not a guarantee with the marketing getting worst. My parents home is paid off and they were refused refinancing for a $20,000 loan to fix the roof! Also not all loans are refinancable in 6 months!
References :
With poor credit and low income how do you think he will qualify for a loan to purchase the house from you? The mortgage industry has tightened it’s qualifying standards and has made if difficult to obtain a non-conforming loan (anything less than good credit with a 20% downpayment). Could be you’ll end up with having to make all of the monthly payments on your own or face the possibility of foreclosure if you can’t sell the house. If the house is held in both names as tenants in common it could be difficult to sell your share if you wanted out. Sounds like a legal battle down the road to me. If you really want to go ahead with the transaction, then I would recommend purchasing it in your name only, but then you would have to qualify for the loan on your own. You could always have your boyfriend rent from you with the option to purchase at a agreed upon time. Consult with a real estate attorney for legal advise - this is a huge decision that could effect the rest of your life.
References :