Home Buying in Hillsboro>Question Details

Esowles, Home Buyer in Hillsboro, OR

is it better to apply as a single parent or as a couple. we are not married, neither of us have the perfect credit.

Asked by Esowles, Hillsboro, OR Sun Apr 10, 2011

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5
You need to figure that out not only with a lender but with your tax consultants. You will both always be responsible for the loan on the home if you buy one together no matter if you are married or not. It has it's plusses though. It may allow for you to have a larger loan which would mean a larger or nicer home!
0 votes Thank Flag Link Sun Apr 10, 2011
Hi Esowles

Generally, two people combining incomes allows for a higher loan, but also comes shared
Liability and responsibility. Get in touch with a mortgage broker, hopefully your credit scores
Are close to each other.

Good luck.
Perry
0 votes Thank Flag Link Sun Apr 10, 2011
Aside from a VA loan as Jeff stated it will matter where incomes are concerned if you need one or both to qualify. Also a discussion is warranted as individual or joint liability is assumed with whoever goes on note and/or deed. I would recommend having a mortgage professional review each of your credit reports and discuss the options as there is more than just one layer to this question. Best of luck!
0 votes Thank Flag Link Sun Apr 10, 2011
Honestly, it should not matter if you are both on the loan. The only situation where being married is a necessity is if you are considering a VA loan. VA loans are for "the benefit of Vereans and their spouses". Other than that being married simply won't matter. Good luck in your quest to find financing. If you have any other questions feel free to contact me directly.
Web Reference: http://www.jeffnunley.com
0 votes Thank Flag Link Sun Apr 10, 2011
Explain your situation to a mortgage professional (broker or lender's staff) and get their recommendation. I don't think married or not is a big issue. My wife and I once bought a house with her as the sole borrower because I had changed careers less than two years before. We were both on title, but only her on the loan.
0 votes Thank Flag Link Sun Apr 10, 2011
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