Home Buying in Hoboken>Question Details

Sam, Home Buyer in Hoboken, NJ

If I already own a home (with mortgage), can I buy another home with my fiance?

Asked by Sam, Hoboken, NJ Mon Sep 10, 2012

I own a home in another state (with a small mortgage) but would like to split a downpayment on another home to move in with my fiance (he has qualified for the entire mortgage on his own) but keep the other house as a second home. Any issues I should look out for?

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Answers

6
Both your income and credit scores will be an influential component as to whether or not you could purchase another home. If I were you, I would seek out two opinions from mortgage brokers before proceeding.
0 votes Thank Flag Link Fri Sep 14, 2012
Sam,

This question is best answered by your speaking directly to a mortgage lender. Your ability to purchase another home will depend on your debt to income ratio (DTI) among other things. Only a mortgage lender can determine if your income and current expenses will allow you to support payments on two homes.
0 votes Thank Flag Link Tue Sep 11, 2012
You can buy as many homes as you wish as long as when the mortgage company does an analysis of your debt vs income they feel that you are qualified to support that loan. The best thing is to speak with a good mortgage person that by asking you some questions can do an analysis of what the bank will and will not do....ther is no cost for this. I find Baret Kechian of Guaranteed Rate Mortgage to be a great sorce and suggest you reach out to him. His office number is (201) 796 - 6441. if you need any further assistance, please do not hesitate to contact me

Michael Klein
MK Group at Liberty Realty
Your Luxury Property Specialist

#1 Realtor in Hudson County MLS in 2011 out of approximately 3000 licensed agents

Only realtor in Hudson County to Reach Top Sales Award of Platinum since 2005 thru 2011

Office (201) 610 - 1010
Office Direct (201) 659 - 1143
Cell (201) 320 - 5371
Email: mklein@libertyrealestate
0 votes Thank Flag Link Tue Sep 11, 2012
Hi Sam,

There are a few things to consider. I agree with Shanna regarding title. You also need to consider the type of ownership as that will weigh heavily should something happen to one of you. Other things to consider is mortgage interest and tax deduction. You are able to deduct mortgage interest on up to two homes. If you are financially invested via the down-payment and are contributing to the mortgage you may want to consider being on the mortgage (at least until you're married).

Hoboken Home Advisors is a local real estate advisory firm connecting folks like you to real estate professionals like agents, attorneys, mortgage brokers, etc. who are experts in the field and can help you significantly with you situation.

The service is free and without obligation. If you would like assistance please email me at chris@hobokenhomeadvisors.com. We'd be glad to assist.

Christopher Poreda
Hoboken Home Advisors
http://www.hobokenhomeadvisors.com
0 votes Thank Flag Link Tue Sep 11, 2012
Hi Sam,

You can buy as many homes as you want - as long as you qualify financially for them. If you are not going to be on the mortgage of the home with your fiance, make sure you are on the Deed/Title if you want to be an owner (especially if you're splitting the downpayment). Your fiance may have to Quit Claim you onto the Deed/Title if his lender won't let you be on it originally (if you're not on the mortgage).

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Mon Sep 10, 2012
Hi Sam,

You can buy as many homes as you want - as long as you qualify financially for them. If you are not going to be on the mortgage of the home with your fiance, make sure you are on the Deed/Title if you want to be an owner (especially if you're splitting the downpayment). Your fiance may have to Quit Claim you onto the Deed/Title if his lender won't let you be on it originally (if you're not on the mortgage).

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Mon Sep 10, 2012
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