What was your marital status when you started looking for a home? (FHA, too)

posted 1 year ago in Home
  • poll: Were you married when you bought your home?
    We were not married when we bought the house, and it was easy. : (22 votes)
    56 %
    We were not married when we bought the house, and I found it difficult. : (0 votes)
    We were married when we bought the house. : (13 votes)
    33 %
    I love log. : (4 votes)
    10 %
  • Member
    3673 posts
    Sugar bee

    @sealevels:  I was not married nor was i engaged when DH and i bought our home.  We didn’t have to apply for FHA loan.  We had the 20%.  It is complicated to go through this process when you are not legally married, but not impossible.  What we did, we used him to apply for all the applications, since his credit was higher than mine, the bank and my attorney recommended to do this, to get a better morgate rate, which we did and then what we did between the two of us, we prepared an agreement with my attorney, so in case shit were to happen between us, no one loses.  GL and best wishes.

    Member
    397 posts
    Helper bee

    We were dating but living together when we first started looking at houses together. By the time we actually put an offer on the house, we were engaged but that still qualifies as single on all of the loan forms. We didn’t have any problem with the loan process or closing on the house due to our marital status. Both of our names are on the mortgage paperwork and we put down 20% on the house together.

    Good luck with the house hunt!

    Member
    6949 posts
    Busy Beekeeper

    We also had an attorney help us with our loan, but like the other bees, it was a conventional with 20% down.  I’m not sure about FHA, but if you speak to a lawyer, they can probably help you out.

    Member
    5787 posts
    Bee Keeper

    From the research I did 2 years ago when we were first looking, our marital status did not affect our loan eligibility for conventional, and it wasn’t an issue when we looked at 203K loans (a Federally-backed loan similar to a traditional FHA loan). The only time I have heard of marital status affecting a loan is for VA. I am pretty sure that VA loans require you to be married in order to have both people on the loan.

    Member
    542 posts
    Busy bee

    @sealevels:  We bought our home together in January of 2012 when we were engaged, got the keys at the end of March, DH moved in and I followed suit in June before the wedding in July. We went the FHA route b/c we didn’t have enough $ for 20%. It was very simple IMO. Both of our names were on the title and our home broker at the bank combined with our buyers realtor helped us through all the confusing paperwork so it was really easy. Good luck to you and don’t worry about not being married yet, it shouldn’t be a problem at all, they do this sort of thing with couples all the time. :)

    Member
    5518 posts
    Bee Keeper

    We purchased FHA without being married.  Lenders don’t care about anything other than your ability to pay them.

    Member
    4172 posts
    Honey bee

    We were engaged!  P.S. This thread needs a poll.

    Member
    221 posts
    Helper bee

    We were engaged. We got a conventional loan and put down about 5%, no PMI.

    Member
    397 posts
    Helper bee

    @sealevels:  First we talked to a mortage broker. Although we were already pretty certain we would be eligible for the loan amount we wanted, we wanted to get pre-approved before we started house hunting. Either talk with a mortage broker or a bank that you already do business with. After we were pre-approved we met with a realtor and told him the specifics of what we wanted and started house hunting!

    Member
    5787 posts
    Bee Keeper

    @sealevels:  You need an emergency fund equal to 6 months of your living expenses + a down payment fund (3.5% of purchase price for FHA)+ a closing costs fund (3-6% of purchase price, can sometimes be negotiated into the deal to have seller contribute to CCs, but don’t count on it). You will probably also want a little extra set aside for all of the random extra expenses (moving costs, any utility deposits, buying ladders/lawn equipment/heavy duty outdoor trashcans/paint/etc.). I don’t know about other Bees, but we have had a near constant outflow of money on the house in the 6 months that we have owned it so far. So building up a significant savings is, IMO, the essential first step.   

    Member
    542 posts
    Busy bee

    @sealevels:  I started looking at homes online and once we found some we wanted to see we contacted a buyers realtor to show us around; then a friend who also bought a home gave us the name of their guy at the bank so we went to see him. Those two men helped guide us through the process and explain everything to us first time buyers. They made it easy for us, thank goodness!

    Oh, and we’d been saving and gotten some large monetary gifts from grandparents to help with our down payment as well.

    Member
    54 posts
    Worker bee

    We had been married for a month and a half when we found our home.  We didn’t do FHA, as my husband had just sold his house, so we had the 20%.  I was still working on changing my name, so had to explain that to the bank.

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