I am buying a home based on my income and credit. My boyfriend will be living w/me. (We've been together 3 years). On some paperwork they mailed for me to sign, I noticed it had his income listed in the paperwork. Nowhere did it mention "co-owner or co-signer". It just had his name and income. Does this make him a partial owner?
The statement above his name was 'list all persons that will live in the home'. ..Just wondering. Thanks for your replies!!
2007-08-18 14:42:44 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
My agent redid the contract and only "I" initialed and signed it. The loan application is in my name.
It only lists my boyfriend as someone who will live there. Any thoughts?
2007-08-18 16:56:41 · update #1
Check a document that should be labeled a 1003. This is actually the loan application that is standardized on a federal level through RESPA.
If his name is on that application, then yes, they are processing it as a joint ownership.
I would call your loan officer and let him know that this is not a joint purchase. You are under no obligation to add your boyfriend. If he moves in with you, he is a roommate, on a legal level, and if something happens that you two don't work out, you do owe him a 30 day notice, as I am assuming you wouldn't have a formal lease...therefore the statutory leasing laws would take place.
2007-08-18 14:50:44 · answer #1 · answered by Expert8675309 7 · 0⤊ 0⤋
Did he sign all those papers that you had to sign at closing? Do you have a copy of your deed? What name is on the deed?
If he ain't on the deed, he has not interest in the property. I'm not sure why his name would appear in any paperwork. I don't recall ever listing who would be living in the house. Maybe the considered his income as a rent paying tenant -- which is what he legally should be.
2007-08-18 21:49:28 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
If his name appears on the promissory note, then he is equally responsible for the loan. If his name appears on the deed or mortgage, then he has ownership interest in the home.
The lender can't use his income to qualify for the loan if he's not on the loan. There isn't a good reason to put his income on the loan application if they're not using it to qualify for the loan.
This lender sounds suspicious to me. Call them and ask them for a straight answer. If they can't give you one, ditch this lender ASAP.
2007-08-18 21:56:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
NO!!! Unless you are married without a pre-nup the house will belong entirely to the person on the deed. The only reason his name is on that paper is because if you lose your income they need to know that you will have his money to pay them with. It's all about what they want, but the house belongs to who is on the deed only.
2007-08-18 21:50:29 · answer #4 · answered by Pyro 3 · 0⤊ 0⤋
Cindy ,If his name is on the purchase contract and his credit was used to aquire the loan you could be joint tenants.You should have a copy of the purchase contract.Look on page 8 to see if he signed as one of the buyers.
2007-08-18 22:24:09 · answer #5 · answered by (A) 7 · 0⤊ 0⤋
I suggest you talk to the institution you are borrowing from.
They should be able to tell you why his income is listed and how it affects the loan.
2007-08-18 21:46:36 · answer #6 · answered by mister_galager 5 · 1⤊ 0⤋