You need to discuss this with a rela estate attorney. Otherwise you may make a big mistake. If you need an attorney or if I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Just because a path is possible does not mean you should take it. Poor planning could create expensive, heart rending problems. For example, are you close to each other's parents and siblings? Because if one of you dies during this ownership of real estate, the heirs will appear seeking their share--you can count on that. Inheritance is parents first, then siblings, unless you have children. Do you know how such a scenario would play out for each of you?
You really need to sit down with a real estate lawyer and decide how you want to do this, including what kind of deed you should have, as well as the mortgage details. You might even need a will at this point to protect each other from the claims of family members.
Licensed Real Estate Salesperson
New York, NY
Alternatively a person who is not on the deed can sign the morgage note as a co-obligor which means they guarantee repayment of the loan w/o having an interest in the property.
You can buy your house using your money and your boyfriend could co-sign the note w/o owning the property. That would be a disadvantage to him because he would be liable for repayment of the mortgage w/o having the benefit of owning the home. If you got married in the future you could always add him to the deed as a co-owner.