Buying a house before or after marriage

[kmff 2]

Hello,

My fiancee and I want to buy a house. However, she does not have any credit at all, and she will not have an income for at least six months. I have already contacted a realtor and the bank and got preapproved for a conventional loan.

My question is:

does getting married before buying a house complicates things? or is it the same?

i mean, i am afraid that we would be denied the loan because of my fiancee not having a stablished credit nor a source of income.

please help!!!!!

sorry duplicate post!!!

Edited September 9, 2012 by Kevymanuel

[C-ma'am 684]

**Moved to Off Topic as the question is not really related to any immigration procedures and took care of the double post

[Nina~ 431]

You do not have to buy a house with your wife/fiancee as a co-buyer.

When my father got transferred here, he qualified for a mortgage through his company without a credit history. But my mother was not eligible because she was not an employee. So their mortgage is under my father's name but the house deed/title includes both their names.

[Usui Takumi 1,562]

Hello,

My fiancee and I want to buy a house. However, she does not have any credit at all, and she will not have an income for at least six months. I have already contacted a realtor and the bank and got preapproved for a conventional loan.

My question is:

does getting married before buying a house complicates things? or is it the same?

i mean, i am afraid that we would be denied the loan because of my fiancee not having a stablished credit nor a source of income.

please help!!!!!

sorry duplicate post!!!

We in this right now. My wife does have some credit now having been here for 3 years but her scores are in the 650s where as mine are in the 780s.

You will want to have the mortgage in your name but that also means that you can not use your wife's income (if she has any) to qualify.

We are running the numbers right now to see our options - i.e. a smaller mortgage with better interest rate or a larger mortgage with a higher rate.

[Teddy B 17,252]

We in this right now. My wife does have some credit now having been here for 3 years but her scores are in the 650s where as mine are in the 780s.

You will want to have the mortgage in your name but that also means that you can not use your wife's income (if she has any) to qualify.

We are running the numbers right now to see our options - i.e. a smaller mortgage with better interest rate or a larger mortgage with a higher rate.

This is correct. The shortfall of using your wife's income is that you will probably pay more in interest due to her credit score not being high. My wife has been able to gain credit quickly by being on my credit cards and she is now able to get her own no interest/low interest credit. We are hoping to refinance our house next year and put her name on the deed.

[Udella&Wiz 325]

No reason for you not to buy the house now if that is what you'd like to do. We bought a house after we were married but like your wife I still had no US credit and adding my name to the loan would have negatively affected the interest rates we could get so initially only my husband's name was on the loan and the deed. A couple years later I then had built up good credit so we added my name to the deed and then subsequently refinanced and added my name to the loan. My not being on the deed or mortgage did NOT negatively affect subsequent immigration steps such as ROC or Citizenship so no worries there.

Hope you find a lovely new home!

[del-2-5-2014 1,339]

Before marriage and do a prenup for Godsakes

[Ready to do it 101]

2 different issues at hand. First the loan and second the title. In Texas, both spouses are on title regardless of who is on the loan as Texas is a community property state.

Regarding the loan, if possible do NOT put both spouses on the loan. Yes there are plusses to having both husband and wife on the loan... ability to use both incomes to qualify, having a mortgage loan on one's credit report significantly helps one's scores... assuming payments are always made on time. Now the negative... in the that there is a divorce, you will be glad both parties were not on the loan. If per se, the husband is the one on the loan and the wife is awarded the home, then yes the husband gets hosed... vice versa is true as well. Ideally if both parties can agree that the person who is on the loan will take the home after divorce then it all works out. What if both husband and wife are on the home and a divorce occurs? Judge will award the home to one party or the other. Unfortunately, both parties are still responsible for paying the mortgage. Ie. If divorce decree says husband is awarded home then title can be transfered to husbands name, but if husband doesn't make the payments, the wife's credit is destroyed as well. Next, if wife is awarded the home and wife does not pay mortgage, the husband's credit is hosed as well. there is nothing anyone can do about it. Even if husband pays wife $5k in alimony and wife was awarded home and she refuses to pay the mortgage... tough luck Divorce decrees mean zilch regarding your credit. Even if the divorce decree says the wife is responsible for the mortgage payment... if she doesn't pay the mortgage lender will knock both parties credits for late pays, foreclosure etc and you both will have a foreclosure on your credit... having a divorce decree stating the debt was one parties or the others means nothing.

Thus, yes there are benefits to putting both people on the loan, but if at all possible... the smart thing to do is just put one party on the loan. Divorce is bad enough. Imagine divorce and destroyed credit because your ex-spouse refuses to pay the $3k/month mortgage with the $5k/month alimony you provide her. Putting the loan in only one name solves all of this... assuming at divorce the party that has the loan in their name is awarded the home. And if that is not the case, then you would need to fight for selling the home and splitting the proceeds.

Edited September 12, 2012 by Ready to do it

[Tintin and Mike 127]

Before marriage and do a prenup for Godsakes

:thumbs: :yes:

[spookyturtle 9,466]

Buy the house together and when you get divorced give her half of it even though it was all your money.

[LindaC1990 23]

We waited after we are married. I don't have credit neither a job, so only his name is on the Loan, but both of our names on the title.