Yehsub
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Put the mortgage in your name. If his credit is less than fastastic, he might have creditors who are seeking to collect past due debts. If they do an asset search and find out that he owns (or co-owns) a house, they can put a lien on the property.
Before finalizing the sale and purchase, ask for a homestead deed. This will further protect the asset from attachment. You can always put his name on the deed at a later date when he's more financially stable, so there's no rush. |
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michael g
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Only do that if your income , ALONE can cover the mortgage should he decide to bail............ |
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Real Estate Guy
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First, I highly recommend NOT!!!!!!! buying a house with a "friend". This is your word. This person is not your husband or even planned to be . . . (again you used the boyfriend word).
Before YOU purchase a house, and based on the post, you will be the one fully responsible for the mortgage; can you afford the complete payment by yourself? If not, then do not purchase.
2nd. I highly recommend that the only owners of the house by the ones that are on the mortgage. However, I'm betting the boyfriend wants you to owe 100% of the debt, but he wants to own 50% of the house. If you break up, he will own 50% of the house and you are powerless to do anything with the house unless he agrees to do it (or you pay him off).
If you decide to purchase, keep everything in your name and if he puts money down with you, then have a written agreement that you will split any profit (or loss!) at the time you break up. |
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Tim
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Put the house is your name and make him a renter. Have him complete a formal rental agreement to make it all nice.
This way, if you guys ever part ways, you can evict him and the house is still yours. Without the rental agreement, he could claim that he was making a portion of the house payments and is due a portion of the house.
You need to protect yourself. If you are not married, you need to view these things as a business transaction. Put the feeling and love out of the picture.
I would hate to see you asking a question in a year about how to deal with the house that you and he bought and are now splitting up. |
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Just say no!
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Ai agree do NOT buy more of a house than you can afford on your own. Make sure that you can comfortably make the payment on your own so that if things don't work out aren't left holding the "bag=house" |
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Stuart T
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If you know that you are going to last and not split up soon. Because if you break up he can just leave and have nothing to do with it and you will be stuck with a big mortgage. Also you have to trust he has got job security and will be able to keep up with bills.
If you get it in his name aswell it will make the interest very high and will cost you a lot more. Or you may even get refused with a joint application based on his credit |
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golferwhoworks
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if you do this do not entitle him on the home in any way. Qualify on your own with just your income and debt ratios. He has problems he needs to face about his credit past, present, and future. Quite frankly you need to think hard about your future together as you surely don't want him to bring you down as well. |
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onandonandonanon
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Yes, don't be a fool! If YOU want to buy a home and can afford it on your own, fine. DO NOT buy something you cannot afford on your own or a place you wouldn't want to be on your own. You have no idea how long this relationship will last and with his history, you have to protetct yourself in case the two of you break up! Or tell him if he wants to buy a home, to get his credit cleaned up! That will show you how serious about it he really is! |
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TexasProud2108
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you need to think about what happens "if" yall break up. can you afford the mortgage? can you afford the insurance, taxes? and any other bills that are associated with the house. because if yall break up your name is on it and YOU alone will be responsible for paying for it. I would think long and hard before jumping into a situation like that. also you said HE wants to buy a house. what do YOU want to do??? |
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SidneyMN
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there is a reason his credit is horrible...he needs to improve it to prove to you and the mortgage co. that he can handle it. You don't want to end up in a mess....It honestly doesn't sound like a safe thing to do at all. |
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lost
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you have to decide if you are going to stay with him and what would happen if you two ever broke up |
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Biggie @ Arbor Mortgage
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I would just make sure that you are comfortable with the house payments alone. I would not put him on the deed or anything until you are married, or at least together longer. |
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Likable
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do u have any plans in getting married??
and will it last long. you gotta be careful with credit. its so easy to mess it up, but so hard to fix it up.
I wouldnt do it. Im not married to this guy and im not going to ruin my credit future if something goes wrong.
if you are skeptical, that should tell you something.... follow ur gut feeling |
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Abby C
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DO NOT DO IT!
DO NOT EVER buy a house with someone unless you are married. SERIOUSLY. Things may be great now but you never know what might happen.
If he wants to buy a house, he can put it in his name. |
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Susan B
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It's honestly not a bad idea if you feel able to make the commitment of being a home-owner (and having the bills that go along with it).
The advantage of having it in your name is that, should you separate for some reason, you would keep the house. If you were to put it in both of your names, it could be complicated.
But, of course, if you're confident in your relationship and plan on living with him forever, buying a house together in BOTH of your names would only make you feel that much more confident.
Good luck! |
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