Post # 1
So DH and I are trying really hard to buy a house, but his credit score was horrible. He has since gotten it a lot better but not where he will even be looked at for a mortgage. Our mortgage guy offered that I could get approved for the mortgage but because we’re married DH will still be able to have his name on the paperwork for when we buy a house.
Anyone else heard of this or done this?
If we weren’t living with my parents and due in 2 months we’d probably wait until his is better, but we really need to find a place NOW!
Suggestions? Opinions? Anything?! 😛
Post # 3
Yes, he can be on the title/deed but not on the mortgage. I don’t know all the implications of this should you divorce, etc. so I’d ask a real estate lawyer about it.
Post # 4
Correct, he can be on the deed but not the mortgage. Since my fi has bad credit and is not helping out financially with the house, I am not putting his name on the deed. if something we’re to happen I don’t think it’s fair he should have part of something he did not contribute to.
Post # 5
Yup totally possible. We did this, somehow, accidentally.
We were both pre-approved for the mortgage, but only DH dealt with the mortgage people and was at the closing by himself (I signed over power of attorney). So I am guessing the guy when doing the official paperwork just used his name.
Somehow only he ended up on the mortgage documents, but I am on the deed to the house and other documents like HUD, HOA docs etc.
Post # 6
All the PPs covered it. Figure out the legality and whether you are comfortable with that!
Post # 7
Yeah he can be on the deed/title without being on the mortgage.
Post # 8
@MrsRose: i will strongly suggest that if only your name is on the mortgage then only your name goes on the deed.
should anything happen, i am not saying it will, but heaven forbid, you will be liable for the entire debt and he automatically gets half the house without obligation of any payment.
Post # 9
Yes – my husband and I did this. I was unemployed when my husband and I went to get approved for a mortgage so he qualified on his own. Only his name is on the mortgage, although mine is on the title. Just a warning: Our mortgage lady told us that if my husband and I were to split up, he would be left making the mortgage payments by himself, but I would still own half of the house in the eyes of the court. YIKES.