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Not that it's a deal breaker or a major issue, however, you should talk to an accountant or an attorney. Depending on the chronology of events, you may have a "gift" here. Speak with a professional. It's not a major issue as I said, however, you may want to document it. Good luck.
New to the forum, I have a situation. I intend to purchase a house with my fiance. the problem is that I do not have any credit at all, I'm a street vendor, I always pay cash for everything (mistake) Her credit is great (729 score) and has been pre-approved. she actually owns her own home with a (small mortage) that she will rent out once we get the new house. My problem is although I'm not the person actually taking out the loan I do want my name somewhere on the house. I'm supplying 65% deposit on the cost of the house. What can be done? Can I get my name on the deed at closing?
Any help will be aprreciated.
First of all hello!
I was almost in the same situation. Our parents passed down a house to our name couple of years ago. When they refinanced the house the loan was put only to one person, were 3. Our brother rented the house and basically thought he was the owner and kept the money. He claimed to do all the work, collecting rent, doing the maintence on the house (as if they where 15 apartments) We insisted that we be put in the Grant Deed. Maybe six or eight months passed and our brother claimed to have a legal paper stating that we be put in the grant deed. I had the understanding that your able to put in the grant deed any other name before closing escrow. Don not close escrow without being informed. Not that you should not trust your fiance but your better safe than sorry. Anyone can change!
You can get your name on the deed without getting your name on the mortgage. Down the road, she can add your name to the mortgage, even though that makes either of you responsible for the mortgage should one default.
New to the forum, I have a situation. I intend to purchase a house with my fiance. the problem is that I do not have any credit at all, I'm a street vendor, I always pay cash for everything (mistake) Her credit is great (729 score) and has been pre-approved. she actually owns her own home with a (small mortage) that she will rent out once we get the new house. My problem is although I'm not the person actually taking out the loan I do want my name somewhere on the house. I'm supplying 65% deposit on the cost of the house. What can be done? Can I get my name on the deed at closing?
Any help will be aprreciated.
You should be able to be added as a co-borrower for the loan, especially if her credit is over 700. That will help repair your credit over time. Ask the banker about it.
One can add their name to the mortgage and/or deed, without being on the other one, provided there is one primary responsible payor (in this case your fiance).
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