Apply for a Mortgage fiance / fiancee married …. instead?

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Brief overview of our situation … We are looking to buy our first house next year when our current house that lease ends in May she has excellent credit (750 FICO) and I built my credit card (600 is high now, not bad, but not a file thick). She is 30, and I will be 26 when we met. I have a paying job so he took 2 1 / 2 year, when we use the cost of the Graduate School with his teacher with little experience in Berufswelt.Wir have ~ $ 20,000 savings for a down payment and we are to secure a mortgage $ 240,000. We do not want a conventional mortgage, where we need 20% down, this is simply not realistic for us (Obviously … We see below). I am interested in an FHA lender, and according to its Web site its lenders not only based credit rating and keep it also depends on ARM loans that we sindNun not interested, because the information is there, it the fact that we are not married …. But time passes around May, we will probably be fixed. The ring was bought:) Is there a mortgage as unmarried couple applying a negative decision on a mortgage as a couple? I guess my reason, that married couples have a liability of the common debt, while non-married, only a liability for joint debts, which arose in both their names were adopted …. then the lender would be more likely to treat us when we got married, or is it not really matter?

13 Comments
  1. Reply
    pixidoas243w
    February 1, 2011 at 5:49 am

    don’t worry about it, good luck have fun and enjoy and never handle more then you can comfortably pay, cause you never know when your going to have a rainy day.

  2. Reply
    estielmo
    February 1, 2011 at 6:32 am

    Don’t over-buy and don’t get a balloon or variable rate loan. Buy what you can comfortably afford in case one gets sick or pregnant or laid-off.

    You better have a pre-nup in place to describe your rights and responsibilities. With two names on the mortgage and deed it can get VERY dicey when you break up.

  3. Reply
    C00KiE
    February 1, 2011 at 7:02 am

    It doesn’t matter if your married or not. Me and my bf are buying a house too ( we’re in escrow) we’re not married and were doing an FHA loan cause it’s only 3 % down but after December it’s going to be 5 % down. So it really does’t matter if you guys are not married you can always just add her on the title of the loan. If the loan is going to be in your name only their only going to look at all YOUR loans and any loans if you co-signed any and see where you stand from there.

  4. Reply
    k m
    February 1, 2011 at 7:49 am

    You have answered your own question. It is NOT a smart idea until you get married to purchase a mortgage. Once you are in, you are in a mortgage until you pay it off or sell the property and the housing crisis is not the best right now if you break up and want to sell the house. This purchase will tie you together, even if you don’t get married, unless you or she sells their half of the house. Then you have to ask yourself if you can take on the mortgage by yourself if you should break up.

    Wait until you are married! An engagement doesn’t mean you will get married but a promise that you intend to. DON’T get yourself into a situation that you won’t be able to get out of easily if you should break up.

  5. Reply
    golferwhoworks
    February 1, 2011 at 8:05 am

    no effect. But I will tell you that your debt ti income ratios will be important as your scores are fine. You will need 3.5% down (or more) and you can buy as jointly if you wish.
    I prefer to have clients in your shoes wed OR at least an agreement in place in writing that spells out each persons responsibility just in case of the break up.
    Also I am going to get on my soap box now and tell you to have not less than 6 months living expenses in the Bank as an emergency fund and if ever dipped into replaced asap as life happens to all of us so be prepared for every thing if at all possible.
    Good luck
    I am a mortgage banker in TN & KY

  6. Reply
    sandra g
    February 1, 2011 at 8:55 am

    Lenders want to make sure that the mortgage can be paid. They are going to look at your credit and ability to pay. They are not suppose to discriminate because you are not married. It will still be a joint liability.
    They will have one of you as the applicant and one as a co. They will tell you at the time which way is the best way to go. There is also a first time buyer plans available. You may want to check in to that also. Call some of your banks. Not being married should not make a difference.

  7. Reply
    rusty_266
    February 1, 2011 at 9:48 am

    It will vary lender to lender, but it all comes down to your credit worthiness in the end. Certainly some banks or lenders may look more favorably on the fact that you have made the commitment and gotten married, but if you can qualify for the loan, it won’t be an issue.

    You didn’t mention how long you have been in the relationship. Not that its any of my business, but just as a general rule, I would recommend waiting until after getting married before committing to such a large purchase. Stuff happens even though you might not see the possibility right now. If its such a great deal now, it will still be a great deal in another year or two when you decide to get married.

  8. Reply
    Christin K
    February 1, 2011 at 10:18 am

    The only thing the lender will look at when a couple is married is the financial history and credibility of the COUPLE together. As unmarried partners, the lender will look at the INDIVIDUAL credit histories and credibility.

    It may be a negative if you are not married, since your lower scores will bring down the overall credibility. (Wedding plans will not matter here.)

    If I were you, I’d use that $ 20K as a 20% down on a conventional (not FHA) mortgage – fixed rate—-shop the loan and see what you can get for it; and buy a house that IT fits–don’t buy more house than you can afford. That’s the A-number-one rule these days. BUY IN YOUR BUDGET. Get yourself pre-approved–not just pre-qualified– and THEN shop. Don’t set your sights on a particular house and then try to finance it with your figures.

    You’ll be far better off financially and because of that, far more likely to get your mortgage.

    And you’re right not to get an ARM.

  9. Reply
    Steve D
    February 1, 2011 at 11:08 am

    Congrats on the pending marriage and well wishes on buying the house. My fiancee and I did the same (bought the house before marriage) so, yes, there is usually no problem (and btw, we just celebrated 25 years together and 4th house :).

    Two caveats – you don’t mention your income which will have a bearing on the size of the mortgage. Figure you will need total income of $ 80 – 100K to qualify for a $ 240k mortgage.

    Second caveat, Since you will be putting down less than 10% (probably closer to 5% after closing costs are paid), expect to pay PMI for the mortgage. Expect closing costs to be between 2 and 3 percent of the sales price (4,500 to 6,500 on 240K).

  10. Reply
    cheeba0228
    February 1, 2011 at 12:00 pm

    Married or unmarried just means different paperwork thats all. The qualifying credit will be the lesser of the two borrowers. the school can be used as work history as long as she has 30 days employment before you apply for the loan.

  11. Reply
    Roger S
    February 1, 2011 at 12:10 pm

    One word

    LAWWWWWWWWWWWWWWWWWyer

    are u insane to approach this situation without one?

  12. Reply
    Melissa F
    February 1, 2011 at 1:00 pm

    Being married or not has nothing to do with it. The banks are looking to make sure you can afford to pay the loan back (credit score etc) My ex and I bought a house when we were engaged and it did not effect us in anyway

  13. Reply
    godged
    February 1, 2011 at 1:05 pm

    The lender won’t care if you are married or not.

    I don’t have any objection to you doing this before you are married. HOWEVER, you must obtain a legally binding agreement that outlines who brought what to the purchase, who is going to pay for what while you are together, what happens to the property if you get married or break up, and what happens to the property if something happens to one of you, which will keep the families out of it.

    Best wishes to you.

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