Posted on: 07th Sep, 2009 11:19 am
Ok here is the situation:
My boyfriend and I are looking to buy a house in Florida but we are having some difficulties that bring up concerns. His credit isn't in the best shape from his medical bills which has affected his credit score and thus does not qualify him for the loan. We both would meet all other requirements and we both don't qualify for any first time homebuyer assistance.
If I were to get the loan in my name today can I:
-add his name to the title?
-refinance the home after he cleans up his credit score (after 12 months) and get his name added to the loan?
-since we are not married yet would this be a difficult process and would it be expensive?
My boyfriend and I are looking to buy a house in Florida but we are having some difficulties that bring up concerns. His credit isn't in the best shape from his medical bills which has affected his credit score and thus does not qualify him for the loan. We both would meet all other requirements and we both don't qualify for any first time homebuyer assistance.
If I were to get the loan in my name today can I:
-add his name to the title?
-refinance the home after he cleans up his credit score (after 12 months) and get his name added to the loan?
-since we are not married yet would this be a difficult process and would it be expensive?
A great question, and you can actually do the loan in your name and add him to the deed.
In fact this will allow you to refinance into both of your names later as he will already have ownership.
Great question, and best of luck!
In fact this will allow you to refinance into both of your names later as he will already have ownership.
Great question, and best of luck!