Buying a house?
Do you think it is a good idea to buy a house with your long time partner but both of your names wont be in the title?
We are thinking to get a house from a government program but if we will be in the title together our salary combined makes us ineligible. So my partner will have the ownership. Any thoughts?
We are together since 2016.
- Christin KLv 71 month ago
Unless you're paying for half of this house, basically, you're NOT buying a house--your PARTNER is. And if you ARE paying for half of it, then you should have a written agreement that you own half of it--or if your partner decides you are not the person for him/her, they are basically just using your money to buy something for themselves.
It's risky. The very least you need to do is have a written agreement stating that if you break up any money you gave your partner will be given BACK to you. And you'd better check the program requirements--if you two are living together they may not accept ONLY your partner as the buyer. Check your fine print.
- Coffee DrinkerLv 71 month ago
No, I don't think its a good idea.
1. Its NEVER a good idea to buy a house or other major assets with someone you are not married to. There is tons of information on the internet explaining why. So I won't bore you with a list of ways this can go wrong. Just go read some information about all the reasons why its a bad idea.
2. What you are proposing might actually be illegal because most government programs are based on the entire household income. So you are probably supposed to count both incomes regardless of whether or not you're married and/or who's name you eventually put on the paperwork.
- Beverly SLv 71 month ago
Is it a USDA loan? If so all income in the house MUST be reported (even if they are not on the loan) and if it's over the amount you won't qualify. It's considered government mortgage fraud and prison can be imposed. Also, it's a terrible idea to not be on the title.. if something goes wrong the one not on has NO recourse- no ownership etc. I am a mortgage lender since 1986.
- R PLv 71 month ago
It is not a good idea since you are not married.
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- MaxiLv 72 months ago
No, you should never purchase a house with someone you are not married to
- SlickterpLv 72 months ago
No, that is a terrible idea. If your name is not on the title, you own nothing. So your partner owns a house, and you pay rent.
- sunshine_melLv 72 months ago
Absolutely not. If he's the only one on the title, he's the only one that owns / has any claims to it at all. You won't be buying it together; you'll be paying for his property.
- SimplytheFACTSLv 72 months ago
so you essentially want to defraud taxpayers and misuse a program for people who can't otherwise afford a home....
you would not be buying a house together...1 of you would be buying a house...the other would be paying rent...which I hope you report on the application as income to the one applying for the house.
it might be okay to buy a house together...without the help of taxpayer...provided you truly have a marriage like relationship and just don't like the institution of marriage.
despite ignorant opinion, yes courts can divide non marital property when a couple breaks up...you can also work it out yourselves so you each walk away with a fair amount should you break it. it would help to have a partner contract as to who owns what percent of value, etc.
- JudithLv 72 months ago
Screw the system now and somehow you'll pay for it later. Since you aren't married and don't plan to be married, I suggest that whoever it is has their name on the title be considered the owner (which is the case) and the other person a renter. So you pay rent and half of the utilities. If you split up, it's his home; not yours. Or you play it straight and put both your names on the title as co-owners (which I happen to think is a really bad decision when two people aren't married).
Keep receipts for anything you buy for the home - just in case you ever need them should you split up. Then you can take what is rightfully yours.
- babyboomer1001Lv 72 months ago
One of you is going to have zero protection if you split up - the one whose name is not on the title. Stupid move. Trying to screw the system usually ends up in you being screwed. Buy a house in the traditional way, with both of your names on title.Source(s): Certified Paralegal, with 25+ years' experience.