- Wedding: September 2013 - B&B
I definitely do not regret buying a house technically before we were married. We were already engaged, however, and only a few months away from our wedding day.
However, we ran into a LOT of speed bumps simply because we weren’t legally married. I don’t know where you are from. We were buying a house in central PA. First, since we weren’t married, they would only take us together if we both met all the criteria individually. These criteria were what you would expect: good credit, enough money for a down payment, and one I didn’t honestly expect: job history.
My now Darling Husband had the better credit, but he had graduated in Dec 2012, and then got a job in his field. All the loan company could see, however, was the fact that he went from being in the restaurant business (um, a line cook at a chain restaurant) to the forestry industry. They bumped him from consideration based on that. It didn’t matter that he got a job in his field. So that was one thing. What they needed to see was 6 months of steady employment if not at the same job, in the same field.
With him out, it all fell on me. And because of that, we ran through hoops trying to make sure my credit stayed up, and even though we had a joint account, we had to 1) prove that we were engaged to even 2) have my Darling Husband sign a letter of his intent to “gift” me any money in our joint account that came from his bank, which meant that 3) we had to provide all kinds of proof of where HIS money had come from to get into the joint account (mainly the statements that showed him transferring money from his personal account into our joint when we went to purchase the house.) It was quite the process because of us not having that legal marriage license. I don’t know if you have a joint account or two single accounts. But our company required that we be somehow “related” (engagement counted) for him to even be allowed to gift me the money for the down payment.
My recommendation to you is to be veryyy careful about transfering money from account to account, and do NOT just dump a big load of cash into either of your accounts. They want a paper trail, so if for any reason you get help from someone or get a big amount of cash, give it to someone else and have them cut you a check! And then you’ll need proof of where it came from.
Some of this could also be from the fact that we applied for a FHA loan. Not sure if that is the route you were hoping to take.
It was totally worth it though, and we were glad to have gone through all the ups and downs!