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Unmarried: mortgage under one name only
My fianc? and I are looking to buy a house together in the next few months. He is a veteran and will qualify for a VA home loan. Since we are not married the VA will not give a loan to both us, only him. Someone told us that if we apply as an unmarried couple the VA will only guarantee 50% of the loan which doesn?t look too good to a bank. My FI told me today that he would like to try to apply for the loan on his own. I am wondering how this will affect me in the long run since I will be contributing towards the payments. I don?t plan on anything happening in our relationship but heaven forbid if we do split up, I don?t want to get screwed out of all the money I would?ve put towards the house. So I am wondering if we should get an estate attorney involved or if it?ll be fine as long as both our names are on the deed or if the house becomes partly mine when we get married? Also, if the mortgage is under his name but I am paying for some of it, can I claim this on my taxes? This is my first home purchase and I clearly have a lot more research to do but any help you can give will be greatly appreciated. Thank you.
Re: Unmarried: mortgage under one name only
His loan will be based on his income & debt only. This may limit the amount you can borrow. However, that is not a bad thing, as it keeps you from overspending on a home.
Is there a reason you cannot wait until you are married to buy a home? I do not like the mess that a break up causes when unmarried partners buy
Make sure you have an agreement in writing prior to purchase to spell out how the finances concerning the house will be handled should a break up occur.
You might want legal advice to protect yourself.
If the mortgage is in his name only -and you are not married, then no, you cannot use that on your taxes.
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ndWow sorry, my browser started jumping around and replied oops!
Anyway, DH and I bought our house before we got married. He is also a veteran and qualified for a VA loan but we decided to hold off in case we want to use it at a later date for either another house or re-financing our current one. So, I had better credit and put the house and loan in my name. We could have waited until we got married and switched over the title to be in both of our names, but we went ahead and did it as soon as we got the title in. Now that we are married, the title and our bank account are all combined with both our names on it. The loan is still technically just in my name, but for taxes it shouldn't matter because we are married, what's mine is his and vice-versa. When is the wedding planned? Once you are married, it doesn't matter whose name it's under, if you file together then you both claim it. But, if you aren't married and aren't filing together, I don't think you can claim the mortgage, even though you are paying it, no more than you would claim rent on an apartment...it's essentially the same thing on paper if the loan isn't in your name.