i am buying a house with my boyfriend .?

Question

he said the loan will just be in his name and the title will be in both of our names? should we split up... who would get the house? and how will this affect my credit score?

Answer 1

If he can pull this off (and I have my doubts) trust the dear man. He is taking full responsibility for the financial aspect (his name ONLY on the mortgage) while deeding you half ownership in the property.

If the mortgage defaults, he is the one who will bear the burden and not you, since you are not named on the financial document covering the property. If you split up and the property is worth more than is owed, you still own half of it.

Answer 2

I have two different ways to look at this.

For starter's, I am a mortgage consultant and if the bank is recommending he is the only one on the mortgage there is a reason for it. Probably favoring you. Simply said, if you're both on the loan your payments might be higher. Maybe his credit is more attractive.

On another note, about 2 years ago, I decided to buy a house with my boyfriend. I put 20k down and he signed on for the mortgage. I couldn't be on title because I owe the IRS 13k and I didn't want to jeopordize our house in case they put a lien on it. We lived there for about a year and a half before our relationship went down the toilet. I just couldn't take it anymore. I gave up 20k that I will never get back. We sold the house, took a loss on it and now I can tell you............YOU NEVER KNOW WHAT CAN HAPPEN.

Don't make the same mistake I did. If you're not on the title, DON'T BUY THE HOUSE. Plain as that. If something goes wrong and he tries to sell, he can't without you. You may even want to get a notorized promissary note signed by him stating that 50% of all profit that is accumalted through the sale of the property is designated for you no matter what.

Also, make sure that once you are in the house, he doesn't take out a home equity loan behind your back. My ex did this and that's the reason I LOST MONEY when we sold. Come to think about it, doesn't that mean HE OWES me?@??!?

That bastard........

Answer 3

Well being that the title is in both names, it will be split. As far as the loan being just him.. Well you will not get the good credit for paying off the loan, but you will also not get bad credit if it goes bad. So it is neutral. Banks normally do not want to give a mortgage out to 2 people that are living together and not married due to the risk of the relationship falling apart and causing default.

In this situation, I think you have the better deal. He is taking the risk, and you are on the title.

Answer 4

Sounds like your boyfriend has a better credit rating. You will be want is called a "non-qualifying co-borrower." The bank will be using only his income & credit to qualify for the loan. As long as your name is on title, you both own the house. Since you are not qualifying for the loan, your credit score will not be affected.

Answer 5

As most people said, there is probably good reason that the mortgage company can't use you on the loan. If your name is on the title, he cannot sell or transfer it without you signing the paper work.

It will not affect your credit whatsoever, since the loan will not be your liability, i.e., if your name is not on the loan, it will not report on your credit, positively or adversely.

Answer 6

I see problems down the road. I don't see how a mortgage company would agree to have two names on the deed but only one on the mortgage. Their interest would not be protected that way.
Having your name on a deed will not affect your credit.

Answer 7

i think it would be best to get a house when ur married. then you know exactly what your getting if you get divorced- %50 of the sale or if u have kids- the house.

it's a woman world know how to use it.