Home Buying Question

[LandJ 0]

My fiance and I are in the process right now for a K1 visa. We have a few questions about buying a home together.

Like many engaged couples, we are planning on buying a house together, soon after being married. We have found a home that we'd really like to buy, that will be available in Aug, after our process k1 should be done. But, we are starting the paperwork now to make sure we qualify for the loan.

We are planning on pooling our resources for the down payment on the house. Can you see any problems with the immigration process if my fiance wires me a large sum of money this spring, to put in an account to use for the down payment? I was told by the bank that they'd like the money in my name for 3 months prior to the closing. The bank told me that we shouldn't apply for the loan jointly, as it would be too complicated with the k1 process going on.. Does this sound right? Or should I find a new bank?

Any risk that if we apply jointly for a home mortgage that we'll be suspected of being married at our interview? Or would that show our commitment to each other? The last thing we want is to be accused of fraud or have any issues come up that could delay the process.

Any advice would be appreciated.

[bigdog 376]

A and B aren't the same, you can buy before you are married etc. Title will show party #1 and party #2 as tenants in common or joint tenancy, depends on how you take title. Now is the time to buy. it will definitely show commitment, just cant take title as married.

[Gary and Alla 3,694]

My fiance and I are in the process right now for a K1 visa. We have a few questions about buying a home together.

Like many engaged couples, we are planning on buying a house together, soon after being married. We have found a home that we'd really like to buy, that will be available in Aug, after our process k1 should be done. But, we are starting the paperwork now to make sure we qualify for the loan.

We are planning on pooling our resources for the down payment on the house. Can you see any problems with the immigration process if my fiance wires me a large sum of money this spring, to put in an account to use for the down payment? I was told by the bank that they'd like the money in my name for 3 months prior to the closing. The bank told me that we shouldn't apply for the loan jointly, as it would be too complicated with the k1 process going on.. Does this sound right? Or should I find a new bank?

Any risk that if we apply jointly for a home mortgage that we'll be suspected of being married at our interview? Or would that show our commitment to each other? The last thing we want is to be accused of fraud or have any issues come up that could delay the process.

Any advice would be appreciated.

It will not affect the immigration process. It CAN be used as evidence of relationship for the visa and for the AOS. It is good evidence actually.

There is no requirement to be married to buy a home together so there would be no suspicion because of that alone.

[kokylolo 7]

My fiance and I are in the process right now for a K1 visa. We have a few questions about buying a home together.

Like many engaged couples, we are planning on buying a house together, soon after being married. We have found a home that we'd really like to buy, that will be available in Aug, after our process k1 should be done. But, we are starting the paperwork now to make sure we qualify for the loan.

We are planning on pooling our resources for the down payment on the house. Can you see any problems with the immigration process if my fiance wires me a large sum of money this spring, to put in an account to use for the down payment? I was told by the bank that they'd like the money in my name for 3 months prior to the closing. The bank told me that we shouldn't apply for the loan jointly, as it would be too complicated with the k1 process going on.. Does this sound right? Or should I find a new bank?

Any risk that if we apply jointly for a home mortgage that we'll be suspected of being married at our interview? Or would that show our commitment to each other? The last thing we want is to be accused of fraud or have any issues come up that could delay the process.

Any advice would be appreciated.

I can tell you that the reason the bank is telling you to not be on the same loan is because it is easier for the bank to qualify you. Bottom line, that's it. It's about points....meaning money in the LO's pocket and a lower interest rate for you. I'm sure alone, it is a nice conventional, conforming loan. They are the easiest. I can't tell you specifically what it is...Either status, credit history, rental history, job history...But I'm going to guess the loan will be in the USC's name? It's better this way, and your interest rate will be lower than if you both were on the loan (if you could even find an affordable loan together). However, make sure you grant deed the other onto title at the close of escrow. Just let the escrow officer know and you can both take title together. I would recommend a joint tenancy, but you can ask the escrow officer in advance the differences and decide which is best for you both.

Good luck! Have any more questions, I'd be happy to help.

[Pudge 1]

LandJ,

We had the a similar issue last Aug when we started the K-1 process. We were looking for homes together and we signed papers with the Realtor jointly, however we did not end up buying the house together. I bought it and we will add her to the dead after she gets here. As for buying the house together, our lawyer told us that it isn't a problem with the K-1 process. She did however advise us that if we that there was some difference between joint ownership and married ownership of a house. My memory is not so good on the subject, but I think it had to do something with inheritances of the house, but don't hold me to that. So you might want to ask some questions.

Also, you might want to consider the tax implication of what you are doing, if your future wife gives you a large "gift" for the down payment, before you two are married the IRS might have some question.

Hope this helps and good luck!

Edited January 13, 2012 by Pudge

[LandJ 0]

I can tell you that the reason the bank is telling you to not be on the same loan is because it is easier for the bank to qualify you. Bottom line, that's it. It's about points....meaning money in the LO's pocket and a lower interest rate for you. I'm sure alone, it is a nice conventional, conforming loan. They are the easiest. I can't tell you specifically what it is...Either status, credit history, rental history, job history...But I'm going to guess the loan will be in the USC's name? It's better this way, and your interest rate will be lower than if you both were on the loan (if you could even find an affordable loan together). However, make sure you grant deed the other onto title at the close of escrow. Just let the escrow officer know and you can both take title together. I would recommend a joint tenancy, but you can ask the escrow officer in advance the differences and decide which is best for you both.

Good luck! Have any more questions, I'd be happy to help.

Thanks to everyone who has posted so far! If anyone has any additional info, I'd love to hear it.

What do you think about wiring the money to me from Canada to the USA? Any problems with that? If we did that prior to the interview, how would I reflect that on the financial forms I'd have to fill out?

[kokylolo 7]

LandJ,

We had the a similar issue last Aug when we started the K-1 process. We were looking for homes together and we signed papers with the Realtor jointly, however we did not end up buying the house together. I bought it and we will add her to the dead after she gets here. As for buying the house together, our lawyer told us that it isn't a problem with the K-1 process. She did however advise us that if we that there was some difference between joint ownership and married ownership of a house. My memory is not so good on the subject, but I think it had to do something with inheritances of the house, but don't hold me to that. So you might want to ask some questions.

Also, you might want to consider the tax implication of what you are doing, if your future wife gives you a large "gift" for the down payment, before you two are married the IRS might have some question.

Hope this helps and good luck!

Precisely why I recommended Joint Tenancy. Yes, I am an expert.

[kokylolo 7]

Thanks to everyone who has posted so far! If anyone has any additional info, I'd love to hear it.

What do you think about wiring the money to me from Canada to the USA? Any problems with that? If we did that prior to the interview, how would I reflect that on the financial forms I'd have to fill out?

No problems with the wire.

[Nina~ 431]

If your fiance wires you anything over 10k, you will need to declare it. I am not sure if you will have to pay taxes on it.. Perhaps someone who is more knowledgeable on taxes can clarify this?

http://www.irs.gov/businesses/small/article/0,,id=148821,00.html

My husband & I have a long list of wants, needs & dislike in a house.. So personally, I would just wait till your fiance is here so you can both house-hunt together and hopefully find a place you both love.