Posted on: 28th Oct, 2008 08:36 pm
Hi. I'm a gay guy trying to buy a house w/my partner. He has great credt and I don't. We were trying to put the loan in his name and the house in both of our names but have been told this is only possible with married couples. Is this true? Also, I was providing money for the downpayment but have been told that a "gift" can only come from a family member. Could I give the money to one of his relatives so that THEY could "give" it to him or would this be found out by looking at banking statements?
Thanks.
Thanks.
Hi Guest!
Welcome to forums!
"We were trying to put the loan in his name and the house in both of our names but have been told this is only possible with married couples. "
I haven't heard of any such thing. I think you should consult a few more lenders and get the real picture. If your partner's credit is good, he will definitely get a loan.
As far as your second question is considered, yes you can give the money to one of his relatives and that person can give it as a gift to him.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
"We were trying to put the loan in his name and the house in both of our names but have been told this is only possible with married couples. "
I haven't heard of any such thing. I think you should consult a few more lenders and get the real picture. If your partner's credit is good, he will definitely get a loan.
As far as your second question is considered, yes you can give the money to one of his relatives and that person can give it as a gift to him.
Feel free to ask if you have further queries.
Sussane
If you do not qualify as a 'borrower' there is no law preventing you from being on title to the property, you will just not be on the note.
As far as gift funds, FannieMae altered there gift donor policy to include domestic partners as long as you can show you have both resided together for the last 12 consecutive months.
Good luck, brother!
As far as gift funds, FannieMae altered there gift donor policy to include domestic partners as long as you can show you have both resided together for the last 12 consecutive months.
Good luck, brother!
Thanks! I neglected to say that this is a foreclosure and we're dealing with Freddie Mac...does that make any difference regarding the domestic partner thing?
Welcome Guest.
I think you're buying a foreclosed property. Well, that makes no difference as far as having 2 names on the deed and one on the loan is concerned.
Thanks.
I think you're buying a foreclosed property. Well, that makes no difference as far as having 2 names on the deed and one on the loan is concerned.
Thanks.
In texas if you are on the title of a home but not the loan ( due to refinancing and partner did it on his own with my signature, taking me off loan) what are your rights for living in that home until you split up? We are not married.
Hi quest,
As your name is on the deed, you will have similar rights as your partner. Your name on the deed makes you one of the owners of the property. Once you split, then you may divide the property amongst yourselves.
Thanks.
As your name is on the deed, you will have similar rights as your partner. Your name on the deed makes you one of the owners of the property. Once you split, then you may divide the property amongst yourselves.
Thanks.
the man I am dating and considering moving in with tells me that his wife's name is on the title not the loan, I don't understand the difference. Is she still entiltled to 1/2 the equity? they are legally seperated, we live in California she lives in Texas.
Hi Yvonne!
Welcome to forums!
If the wife's name is mentioned on the property deed, then the wife is entitled to receive 1/2 of the equity.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the wife's name is mentioned on the property deed, then the wife is entitled to receive 1/2 of the equity.
Feel free to ask if you've further queries.
Sussane