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Not only can the OP buy a home now, she can do it now with nothing down. Even with Obamacare, banks will make huge concessions for doctors in an effort to earn their business. She now needs to decide her priorities....and where and how her SO fits into her home buying plans. I give her kudos for thinking out the process. Too many times we hear someone utter musings if they can buy a home....only to be cornered by a Realtor an hour later, who puts a mortgage loan officer on the phone and out the door they go - okay, not always that quick, but there are persistent Realtors they relentlessly pursue a potential lead. (I've had more than my share of calls where it's apparent good times, supplemented with alcohol have spurred the home buying conversation and an on-the-spot prequal is requested).
I'm not suggesting she would fall for rush tactics, but anyone can be vulnerable if caught at the right time. By thinking ahead (and not getting on anyone's radar), she's giving herself space. She already has a large marketing bulls-eyes on her back.
I would buy my house now, before I married,and, not put his name on the deed, ever. His irresponsible spending will continue after they are married, in fact it will most likely ramp up.
Depending what state they live in, he may be entitled to ownership rights as spouse regardless if he is on the deed or not.
In AL the spouse has homestead rights as the legal spouse whether they are on that deed or not. These laws vary from state to state. She would need to consult with a good real estate attorney in the state she is looking to purchase to see her options if she did want to protect that asset.
And again....to assume his spending will "ramp up" is just pure ignorance.
She's in CT (non CP state) and was advised to seek attorney counsel for protection. Personally, I do believe she needs to do this on her own, and with legal protection, even in the event of marriage. Nothing worse than having to hand over several hundred thousand especially when you made all the payments.
I am opposed to offering relationship advice, which was not sought and this would be the wrong forum. And while I typically agree with the necessity of reserves and strong down payments, I have seen the taxes doctors pay. Also, when you really get into the earnings for a physician in CT, you'll see why ownership is so very important.
And again....to assume his spending will "ramp up" is just pure ignorance.
Actually it's completely logical. You are going to be giving someone who couldn't manage a small amount of money access to a six-figure salary that they don't have to work for. Very obvious red flags. But hopefully the OP is smart and has taken steps to protect themselves.
Sounds like the solution is pretty simple and straightforward: use your own income and your own credit profile to buy a house. While not all financial institutions will allow this, many will. If you have a favorite lender, talk to them now about whether they will let you borrow in your name only once you are married. If they won't, you should buy a house before getting married; it sounds like your income will be more than sufficient to buy a nice house anyway.
There are ways to fix your future husband's credit; you can try the PFD tactic covered a lot in this forum: Rebuilding Your Credit - myFICO® Forums, and convince him to get a couple of secured credit cards and secured loans. If you guys really focus and get lucky, you can fix his credit completely in a year; at this point, it is his lack of current credit usage and his medical bill collections that are depressing his credit score.
Even if you can help him fix his credit, definitely take the option of buying a house in your name only seriously. If I were you, I would focus on his credit problems and see how the process unfolds in the next year. After a year, check his credit again and talk to a lender before you get married to determine the most beneficial course of action.
It helps when your income and credit open doors to a lot of options!
Sounds like the solution is pretty simple and straightforward: use your own income and your own credit profile to buy a house. While not all financial institutions will allow this, many will.
Her right to purchase in her own name became law in 1974, a little law known as the Equal Credit Opportunity Act, or, ECOA, and applies to every lending institution. Even in community property states she can do this, but the spouse could have entitlement to the asset or poor credit of a spouse could impact her loan approval.
When my mother purchased a place after her divorce (1975) the bank told her she needed written permission from my father to buy. Fortunately, the employee was not aware the law had recently changed. Remember, no fax machines, no internet, only paper memos. ECOA was the Dodd/Frank of my parents' era, lol.
I would not marry someone who has a totally different view on finances than myself. The fact that he has medical debt that just went into collections a few months ago sounds like he hasn't really learned from his past mistakes.
Trying to buy a home with him will be a very painful process.
When you start your first job, you are going to feel rich. ER docs make good money. However, your money won't go as far as you think when you have to pay a mortgage, your student loans, and have a husband who can't control his spending/doesn't have good spending habits. Be vary careful about marrying this man.
Buy it in your name only on the deed and mortgage. I am in awe that you are willing to completely support this house husband. Kudo's to him for finding such a good deal.
I want to take a moment to thank each and every one of you, who took the time to post something helpful and thoughtful to my questions above, for doing so..
Certainly, those of you (especially SmartMoney ) who I have mentioned above have given me lots of invaluable information and recommendations that I will take with me going forward in this process.
I truly appreciate it
Moderators, if at all possible, I request that you close this thread effective immediately. No further information can be provided to me that would be of any additional help. Also, the slew of negative and derisive comments add nothing. I already have the answers I need .
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) who I have mentioned above have given me lots of invaluable information and recommendations that I will take with me going forward in this process.