Can you purchase a home with your finace and your name on the home as well as all the credit stuff ?

Question

fiance....sorry about the typo

Answer 1

sure, but why not marry first before buying the home?

Answer 2

Yes you can be on the loan. Lenders take into consideration the following. Who ever has the higher middle credit score will be first. That person's income is considered before the 2nd person's. So if he makes more and has the better score he will be first. If you make more and have the lower score, you will be first. And visa versa - Lenders look at 2 yrs job time, income, and DTI (debit to income ratio). If you go conforming, the DTI needs to be 41 percent, Sub-prime 55 percent.

ADDITIONAL HELPFUL INFORMATION TO KNOW

Decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok -

It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thur a realitor, and the seller has to pay the realitor their fee which runs from 2-6 percent of the selling price, and you ask for 4-5 percent toward closing cost -assistance) Follow me so far??

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down

Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out.

Lenders look at the middle score...of the 3 scores. If you only have 1 score or 2 scores (have seen it), it is still workable....but unless a lender sees the whole picture - credit - income - job time, etc - than you will not have a "true" picture of what you can afford - Hope this helps - There are also Government programs out there, but they too are looking for job time, etc.....They are not so much looking a credit - but the other factors are taken into consideration. With a government loan - collections and judgements will have to be paid (most ppl do not know that) but for FHA it is true.

Decided on the type of program (loan ) you are wanting. A 30 yr fix is still roughly at a 6.5 rate right now - but if you are needing a 90 percent ltv the rate is around 7 percent and a 95 ltv is 7.375 and a 100 percent rate is 7.5 ( This is a estimate only, since I do not know what your credit score's are....There are also, interest only loans - adjustable loans, option arms (where you pick the payment, from 4 payments, including interest only). Interest only are lower payments, but nothing is being paid on your home. Some self-employed ppl like the payment options, in a lean month when money is tight., they can pay a lesser amount.

Answer 3

Yes, you can purchase a home with just about anyone you desire. A couple of things to consider when buying with a non-spouse. First consider the method of ownership. If you are joint tenants and one of you passes away, the ownership rights of the disceased pass to the other owner. If you are tenants in common (TIC), the ownership rights pass to the discease's heirs. This is usually not a big deal when you are married, but can be critical if you are not. Next, is making sure of your credit. If one party has much stronger credit than the other person, then that may cause complications with the loan if you both want to be on it. This is not uncommon, but you should be prepared for it as opposed to being surprised by it. Third is rental history. If you both don't have good histories, this may be an issue.

In short, there is nothing to stop you from purchasing a house now, however, as with any home purchase transaction, doing your homework and planning ahead pays offf in the long run. If you have additional questions, please contact me at [e-mail]. I am a mortgage broker.

Answer 4

Yes you can. Anyone can buy a home together. You can buy a home with the man down the street. You can both have your credit run for the mortgage loan and you can both be listed on the deed. Tenants in common are people that are married. Joint Tenancy is for people who are not married. People who are married have an automatic right of survivorship. Meaning, if your husband dies and you were on the deed his half automatically become your half. There is no probabte court to come in between this. However, in your situation, if you buy a house with someone your not married to, and he dies, his half does not automaitcally transfer to you. He can "will" his half" or it can go to his next of kin. His half actually goes through probate and court would decided. So if I were you, I would have wills drawn up since you are not married stating specifically what will happen to the property should one of you pass. Have it state that his share goes to you and your share will go to him and file it in the county where you will be living. Without being married, if he decided he wanted to leave you 5 yrs from now he could deed out his half of the home to a buyer. In this case, you could actually own this house with someone he sells his share to or wills it to.

Answer 5

on the house, yes. on the mortgage, only if she works as well. otherwise you cannot use her on the mortgage. preferably some stable work history too if she has any. some lenders can use what's called a best score program if both you and your fiancee are on the loan. basically whoevers score is the best will be used to get you qualified for the best rate available, then whoever makes the most money can be used to back that up you see? so it if possible but only if she is working can she be put on the loan. otherwise, you'll have to go at it yourself.

Answer 6

sure... you don't have to be married to purchase a home. And 2 people can be on the same credit card. One warning... be sure you know your fiance well... so many people get bit on the *** because they don't think the fiance will screw them out of money...

Answer 7

Yes I would call that a partnership.

Answer 8

Yes you can. Anyone for that matter.