- Blog
- Bios
- Boards
- Classifieds
- DIY
- Gallery
- Vendor Reviews
- Shop Weddingbee
Weddingbee boards
I said yes, because you can always get a license in a year or so like you said, and this way you won't have that extra money stress. Good plan. :)
I think you should check into it more. I could be wrong, but I think you would still qualify for the first time buyer program, even if you were married. He would be the primary and you would be the secondary on the account. When we purchased our home, I was not a first time home buyer, but my FI was, so they put me as the secondary. If you are purchasing a home together, even if you aren't married, they would still take you into consideration because of your income and you would also want to be on the paperwork.
EDIT: We purchased our home 10 years ago, so the rules might be different, but I would do some research on it, if I were you.
We went back and forth about the benefits of not marrying due to financial reasons. Since we are single and we have kids, our tax returns are pretty nice every year. We were afraid that once we got married, that would be diminished due to our incomes being combined and we would lose our earned income credit which accounts for about $3500 of our tax return. We had talked about what you mentioned, not turning in a marriage license, but ultimately decided that in that case we would be choosing money over God. We are Christian and have spent the last couple of years trying to turn our lives in the right direction in that respect, and we bit the bullet and got legally married as God would have it. You might look into what the interest rate might be if you do get married, maybe the difference wouldn't be that much. For example, maybe his first time homebuyers rate is 4%, but if you are married maybe you can still get an interest rate of 5.5% or something.
If you don't want to be married when he buys, I would postpone the wedding. Inviting family and friends to a wedding, but not being legally married after it, seems quite dishonest.
@noritake22: I've mentioned that but FI is convinced they would look and that rules are more strict now. Do we want to risk it? Not sure.
@aubrav: I know 1.5% doesn't seem like much but for example on a 400k loan, that's a difference of over $300/month which equates to $123,480 over 30 years.
We'd still get legally married within a year. And I say legally because again, we've already felt married for a long time. We're just thinking of our future and kids. I know it's not as romantic but that's a college education.
@Talishazwi: But what are the other benefits of getting married, is there places you can save money by getting married. Insurance, investments, life insurance, car insurance, taxes, etc? I would count those into your equation. Also, there is the protection of being married if something should happen to one of you. You should call a loan expert, I qualify for a FTB just last month. I have been legally married for several months and we are having our "wedding" next year.
@Talishazwi: You could talk to a lender about it. It doesn't mean you have to go through that lender; just ask them if you would qualify.
http://www.hud.gov/offices/hsg/sfh/ref/sfhp3-02.cfm
According to HUD, if a couple is married but one of them qualifies as a first time buyer (not owned a property in last 3 years), then they are both considered first time buyers. So there should be no problem qualifying for an FHA loan.
Additionally, as a married couple it may improve your exemption from taxable income (depending on how much you make). Your best bet would be to talk to an FHA loan officer for clarification. I would also recommend talking to a regular (bank) loan officer as there are pros and cons to an FHA loan.
But to answer your question....it's your life and if you and FI are on the same page, then do what you need to do and don't let everyone else's expectations guide your decision.
Good luck!
Call your realtor and ask. Worst case is the home goes in his name and he is the only one on the contract.
You can always have that changed later.
@aubrav: In places where houses cost an arm and a leg (ie NOT KY), 1.5% is a huge sum of money. For example, a 2-bedroom CONDO with no parking and no extra storage *starts* at $380,000 where I live. You want a detached house? You're talking over $1 million.
@OP: this actually sounds like a smart financial move. But, it sounds like there's a shot at you guys qualifying even if you are married, so i'd go for that if possible!
We actually went in to talk about this with our bank yesterday (in Canada, mind you). Even if I was married, I was able to be a first time home buyer. Unfortunately I couldn't get approved for enough to afford what we want by myself (which is something to keep in mind), but if we both were on the mortgage, we'd still be able to get half the benefits.
This post just reminded me that I have never sent in our marriage license or whatever needs to be sent away. WOW! Procrastinate much? Thanks for the reminder! So as someone who has been married over a year (but maybe not officially?) I still feel, and still am, married. I say go with whatever saves you the most cash.
I know minimal about purchasing a home, but what if the home is just under his name only?
I'd actually look into it a little more like noritake22 said. DH and I had looked into purchasing a house before we were married and we would have both been on all the paperwork. Unless you don't want your name tied to the house in anyway, I think you will still be listed. I'd do a little more research before deciding and it wouldn't hurt to talk to an agent you trust.
EDIT: I should mentioned that we looked into a house only last year so the rules might not be as stritch as your SO thinks.
@kelmac:That's what my sister said! She took forever to change her name although I think she still did send in the license.
This loan that my FI is looking into is different than a regular first time homebuyer loan available in the US. This is a special first time home loan for our area and it specifically states that the borrower needs to not have owned before and that includes their spouse.
A coworker told me she bought a place in just her name but she listed rental income from her husband which allowed her to qualify for more. And her husband does pay "rent" because they keep their money separate.
Thanks for all the suggestions and comments!
I think would wait on the wedding, I'd feel a bit strange being 'husband and wife' without actually being legally married. Like other PPs have said though, it's a totally personal decision, I'd just do all the research you can, perhaps the insurance and other benefits may balance out the housing deal.
@NDBee:I'm not sure what you mean? I didn't think it came off as mean or rude I'm just hoping for clarification so that we know we have looked at it in all angles. What do you mean as "legal ramifications for holding ourselves as married couples"? I'm thinking this is a similar situation to a couple getting married at a JOP prior to the ceremony for insurance or whatever reasons or a same-sex ceremony where marriage isn't legal. I wouldn't change my name or anything until we made it legal a few months later. I guess I don't know for sure but I assume in those situations, those couples still have a full ceremony, no?
Couldn't you get married and leave your name off the mortgage, so only he would be considered the buyer and therefore still qualify for the first time buyer.
My credit is not that good so when we go to buy a house, I won't be on the mortgage. My husband's credit and income has already been approved to buy a house. We went through the paper work, and my name was not on the mortgage. You could do that.
If you are unsure, call a realtor or call your bank and ask. I'm pretty sure your name doesn't have to be mortgage if you don't want to.
Also, no one knows that you are married until you tell them. I had to tell each one of my creditors. If I didn't, they wouldn't know that I was married right now. The only thing is important is letting work and the social security office.
@yrret107:This particular FTB loan in our area states that it can only be a FTB and that includes the spouse. This is different than the one available nationwide.
Hmmm, oh, I see.
Yeah, I would lean to postpone your wedding.
We actually considered postponing our wedding and the vendors and venue said they wouldn;t charge me anything because they knew all I was doing moving the date. They knew they were going to get my money for the wedding in the future. They were not losing me as a customer. So they said that was fine.
I was just thinking of not having anything appear like you're doing it to be deceptive. I know sometimes there are issues with people getting married solely for citizenship purposes, but this is sort of the opposite, being 'almost married' but not being legally hitched. I see the JOP thing as a bit different since they are legally married, and have not just the insurance befits but all the other rights/responsibilities of marriage, where this is kind of avoiding some of the rights/responsibilities of legal ties. I doubt that anything bad would come out of it, but in a common-law state (WA is not, I believe), I think that if you 'held yourself out as married' (by having the wedding/living together/calling one another husband-wife) but then being not married when buying the home, that could be an issue because the state would consider you married, paper or not. Legal bees might know more on this and be able to tell you that it's totally ok, but I'm just a nervous nelly about that type of thing.
Also, you should consult with an attorney about what are the legal ramifications of turning in your marriage license late. I don't think you can just get married and then hold onto your license until you're ready to make it legal.
Maybe i just have a different idea of marriage, but I think the "married" part is promising to each other, in front of family and friends to live your lives together. The licence is just the legal stuff that is only necessary *because* of the benefits (financial and otherwise) that come from it. A piece of paper won't stop you from being the wife you want to be! ^_^ You can even still change your name, if you'd like. I mean, I know other people are probably totally against this definition of marriage, but I think, whatever is better for you and your husband is perfectly acceptable. =)
I certainly don't think it's "deceptive."
You must log in to post.
| Visit our sister sites | eHarmony Online Dating |
eHarmony Advice Dating Advice |
Project Wedding Wedding Songs |
JustMommies Pregnancy Calendar |
Create the honeymoon of your dreams.
| User | Posts Today |
|---|---|
| rachgirl82 | 39 |
| pengoala | 33 |
| MissBoPeep | 28 |
| Future Army Wife | 20 |
| Beckster329 | 19 |
| couawilou | 18 |
| Sunfire | 18 |
| KatNYC2011 | 15 |
 vorpalette |
15 |
| beargoose | 14 |
| User | Posts Today |
|---|---|
| rubyroad10 | 4 |
| PinkMagnolia | 2 |
| CorgiTales | 1 |
| 2PeasinaPod | 1 |
| MissBoPeep | 1 |
| chasesgirl | 1 |
| CupcakeKelly | 1 |
| couawilou | 1 |
| yellowshoe | 1 |
| Zusie | 1 |
My FI qualifies for a low interest rate as a first time homebuyer but he would have to buy before we get married in 2 months since I am not a first timer. Well, he just finished school and started his job so of course we don't have a huge down payment yet.
It's tough, but I've been considering going through with the wedding but not turning in the marriage license. At first, this brought a lot of tears. I've been wanting to change my name, be a wife, etc... but we could postpone it for a year. We've both already felt married since forever. By doing that, it would allow us to save for a huge down payment and get an amazing interest rate and qualify for more house since having a bigger payment. Would you do it?