Thanks a Bunch :DCan you get a mortgage with boyfriend not spouse?
you can buy anything with anyone. it's a matter of trusting the situation enough to do so. Compose a separate contract between both parties as to what will be done in the case of separation or dispute. Be proactive about protecting yourself. Do not let love cloud your reasoning.
as far as the payments: Search yahoo or google for mortgage calculator. Several useful sites should come up immediately.Can you get a mortgage with boyfriend not spouse?
First, you can find out what the principle and interest is on a mortgage at www.mortgage-calc.com (click on simple payment calculator) Rates are currently in the 6.25-7% range.
Just remember you'll also need home owners insurnace (for me its $700 a year) and county property taxes (mine are 2300 a year)... those two things add about $250 a month to my house payment. . . but they vary with region.
You can buy a house with someone you've never met, if you want. So yes, your BF and you can get a loan together regardless of marriage. However, if he makes significantly more, the bank may require him to be the primary-- meaning his credit score counts more. It may work better for you to do a ';no income verification /aka stated income'; loan or ';no documentation loan'; in which they use your emploiyment history and credit score and just ';ask'; what your income is. They know you are telling them an inflated figure as this is the purpose of the loan. (Self employed people use these loans too!)
Go to the bank, bring all your W2's , paycheck stubs, and 2 months of bank statements, and they'll tell you what they can offer you. if they're iffy, find a mortgage broker instead, who can shop you around for the best programs-- but typically gets 1% of the sales price for a fee.
Yes you can. There are no restrictions on ownership for marital status. You just want to be careful and specifically state in writing what you want to happen to the property if you split up. If he leaves, you are liable for the property. Ten years later, you have paid off the loan and want to sell - you will need his signature to sell it and he will be entitled to his 50% - no matter what the value of the property was when he took off. You have to decide what will happen if you want to sell and he doesn't - what happens if he dies - what rights his family has to your house after he dies...
Lots of issues - just think it through and go in with your eyes open. You can get an attorney to help you out with the agreement without spending too much money.
Last thing - $80,000 at 6% (a reasonable rate) is 479.64 per month, but then there are property taxes and insurance that will vary depending on where you live.
Payments depend on your credit, count on about 800. Your amount with depend on whoever has the lowest score.
You can buy with anyone you want. However, I honestly have to caution you against it. This situation rarely works and one or both of you usually ends up with serious financial trouble.
To simply answer your question, yes you can get a mortgage together. His credit, however, may cause you an overall reduction in allowable amount of mortgage. I'd suggest discussing that with a Mortgage Lender. You may need to go with a ';stated loan'; product to accommodate what you are looking to do.
Good luck!
I can get this rolling for you! The monthly payment would depend on your rate, which would depend on your credit score. I am online right now, shoot me an email to msmith@premierloangroup.com, and I'll see what I can do!
Marty
No comments:
Post a Comment