Can two people be put on a home loan if they are not married but related?
Marissa C asked:
Let me explain what i am trying to ask… My hubby and leave with his uncle we always have and always will, he is hardly ever home due to his work schedule so it is kinda like we live by ourselves (my hubby and I). Our unlce is only home 2 days out of the week, Not that it really matters that we live with him but I wanted to added it. So you can get the whole picture. My question is we are talking about selling this home that we all live in & buying a new one. But my hubby and unlce would like to have both their names on the mortage loan. Is this possible or can it only go in one name since the are not married but they are relatives. I know when you are married you can put both names on a home loan but wasn’t sure about owning a home with a family member. Right now the house that we live in is only in our uncles name.
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Let me explain what i am trying to ask… My hubby and leave with his uncle we always have and always will, he is hardly ever home due to his work schedule so it is kinda like we live by ourselves (my hubby and I). Our unlce is only home 2 days out of the week, Not that it really matters that we live with him but I wanted to added it. So you can get the whole picture. My question is we are talking about selling this home that we all live in & buying a new one. But my hubby and unlce would like to have both their names on the mortage loan. Is this possible or can it only go in one name since the are not married but they are relatives. I know when you are married you can put both names on a home loan but wasn’t sure about owning a home with a family member. Right now the house that we live in is only in our uncles name.
June 12th, 2010 at 3:28 am
Yes. You can be a guarantor on the loan without actually owning the property.
June 15th, 2010 at 2:55 am
You should be able to… I recently heard about a brother and sister who bought a house together with both their names on the deeds/loan.
June 16th, 2010 at 3:31 pm
The laws are state-specific, but as many people as you want (related or not) can be on the deed. You just want to make sure that you have a professional draw up the paperwork to make sure it’s worded properly – because that wording does affect what would happen if one person were to pass away.
June 17th, 2010 at 12:27 am
yes, anyone who has an interest in the home, their name can go on the title…a person does not even need to live in the home…
June 18th, 2010 at 5:55 am
Yes you can. I have do that before. just be sure you have a written contract between the 3 or you. love, family or not. If it is not written is does not exist.
I have some video real estate advice on this on my site.
Hope this helps
jerry
June 20th, 2010 at 7:05 am
Yes you can.
Be sure to include the right of survivorship.
June 23rd, 2010 at 1:41 pm
My boyfriend and I just purchased a home. Anyone with good credit can be on the home loan. If either has bad credit I would recommend the person with the bad credit just be on the title and not the loan.
June 26th, 2010 at 2:55 am
You can have as many people on title as you want. I just suggest that you create a family partnership and make provisions in case of divorce (what happens if you n hubby divorce or uncle gets married), death (one of you dies), disability (one of you becomes disabled and no longer can make mortgage payments) and departure (your uncle no longer wants to own this house). Have this partnership purchase the house.
Regards
June 29th, 2010 at 1:14 pm
Yes, any number of people can be on a loan. The only people who apply jointly on the same application form are married people, but any group of people can decide to own property together, apply for a loan together, etcetera.
In this case, you and your husband apply on one application, and the uncle on a separate application, but the applications are considered together and you will sign final loan documents together. You can also form a partnership which applies for the loan, or even potentially a corporation, but both of these cost money and require additional work, both on your part on on the part of others, so most folks tend to prefer to keep it simple.
How the property is titled is a different, if related issue. In most cases, the lender wants the loan to be reflected in vested title, but there are ways to accomplish most folks preferences.