Can my fiance and I purchase a home together before we get married?

Question

I currently own a condo, which I just purchased last November. My fiance has never owned a home before. We want to purchase a home together now, before we are married. I am going to sell my condo. I am wondering if we will be eligible for first time home buyer's offers since it is my fiance's first time, even though it is not my first time. Any advice/information is appreciated.

Answer 1

To make sure you could actually have it in his name and later add you to the deed.
I knew a woman who bought her own house and later added her husband to the deed of the house.

Answer 2

What is your true goal/motive here, to buy something "together'? If you own a condo currently, how fast will it sell? If you buy another home jointly, and your condo doesn't sell, can you afford both payments? What if it doesn't sell for 3 months? 6 months? 12 months? I think it's wonderful that you are planning out your future together, but a home is typically one's largest investment and it should be an investment made with sound logic, not based on the warm, fuzzy feeling of "buying something together, that's ours". These are things that must be addressed before you jump in headfirst. There is no difference to us as lender's whether you are married or not. There's no benefit to buy now over when you get married, and vice-versa. There are certain programs available for first-time homebuyers, but they are typically geared towards individuals who typically would not be able to purchase, i.e. low/no down payment options, etc. There are plenty of available products if you have a good credit picture, that could have lower rates than the 1st time buyer programs. There's a lot of variables here, but I would recommend working with someone who can break down options that you qualify for and finding the right fit to suit your needs and goals.

Answer 3

The answer is yes you can buy property before you are married.

No - you can not get a first time home buyer under your name. But your boyfriend can. Can your boufriend qualify for the loan on his income and credit only? If not, than you can go with other financing besides first time home buyer.

With the many programs out there, for 100 percent financing, with FHA at 97 percent, with Seller help of up to 6 percent of the closing cost - you can get a home with good rates, with out going with a first time home buyer.

Lendes will take a look at WHO is making the most money, and put them in first position, with the next person in 2nd position. If you make more, they will go with you, and use your credit score. And visa versa - Some companies will go off the co-borrower credit score but not a 100 percent financing.

ALSO -
When you Decide to buy, 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 thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 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). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate 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 to qualify a person - With a 580 or higher you can get a 100 percent 1 loan. If your credit is low, than you will be going SUB-Prime, and any amount over 80 percent does not have MI - There are alot of companies I underwrite for that does NOT charge MI - normally the rate is slightly higher.

If you go with a FHA loan, FHA has MI included. (With a 580 + you will be going sub-prime the rates are higher by about a 1 percent, but you have no MI. (MI is mortgage insurance in case you default on the loan, it is a way for lenders to have added insurance. It is not the same as Home Owners insurance, ok) VA loans do not have MI insurance.

Conforming A+ borrower's loans have MI included, but the rates are better starting in the mid to high 6's (with rates going up.) The more money you borrow - the higher the rate normally. There are a lot of factors involved.

With a government loan - collections and judgements will have to be paid (most ppl do not know that) but for FHA it is true....


Go to these websites

http://www.nehemiahcorp.org

http://www.fanniemaefoundation.org/...

http://www.fha-home-loans.com/

http://www.freddiemac.com/

http://www.thewinproject.org/links.htm...

Answer 4

Hi I'm a Real Estate agent in Orange County,CA
feel free to give me a call,my toll free number is [phone]
California Home Realty

Depends how do you want to purchase it? Since it's your fiance first time we can have her as the main borrower and you as the second borrower.That way the loan will be under both of your names and get equal credit for it.Give me a call. Thank You

Answer 5

Buying a home together is a very smart financial move!!! You can buy a property together and not be married (I did), that's not a problem. Depending on the loan program, you may or may not be able to qualify for time time buyer programs. However, I am sure you will be able to qualify together and not have a problem buying.

Good luck and congratulations.

Answer 6

You can but if you can wait i would. really depends on who would give you the loan and if she hasn't purchased a home yet then only you would be on the house. lease.
I know me and the hubby did that right before we got married and i wasn't able to be put on the house loan. since i didn't make enough money.
too we weren't married
there are programs out there to buy a house. but like i said it's better to wait till your married especially if you want both on it . or if you don't care then go for it. just don't buy one the you can't physically afford.
will cause probblems in your life and married life.

Answer 7

He would have to put it under his name and you can either co-sign if they tell you you are not eligble for first time home buyer assistance because you cosign then wait till he buys it himself if his credit is good enough and if he can get the financing then simply add your name to the deed. I believe if your the cosigner then it does not matter if you have a house or not he will be eligble for the assistance.

Answer 8

It's possible, but not advisable, to do this. You are not married yet; who's to say that the both of you will go through with it? If you don't, there will be quite a financial mess to clean up. I suggest you wait 'til you have joined your life together before making any joint commitments.

Answer 9

You'll have to ask about the first-time buyers programs; they each have their own requirements.

While there's no legal reason why you can't buy jointly before you get married, it's usually inadvisable to do so. If you decide to not get married you'll have a mess on your hands, possibly at a very contentious time. (Been there, done that! No more T-shirts, please!)

Answer 10

Yes !

That's a good way to seal your commitment to your relastionship, any couple willing to sign on a mortgage together must be serious.