Non-Married couple wanting to buy house, but must use one individual for better rate - protect investment?

My boyfriend and I are buying our first house.; I have a 600 credit score and he has an 800 credit score. How do I protect my investment in the house when I can't put my name on the loan because it will cause our payments to be higher? We plan on getting married in one year. An inexpensive conclusion? A quitdeed? Something that says I am half owner and Half payer?

It is easy and it is done all the time. While only one name is on the promissory note, both names are on the mortgage and the title. Talk to the mortgage broker for the details, but it is a very common practice. Once you are married the whole issue will be moot since all assets and debts become shared at that point. (no need for a quitclaim deed until the divorce ...)

you can still buy the house and have both of your names on the house. they will go by the person who has the higher credit score. there are many lenders that do it. send me an email i can help you.

You and your boyfriend would have to draft a binding legal agreement specifying that you will ALWAYS have half the equity in the home at any time. This is a pre-nupital agreement. If you two have a good relationship, drafting one should not be difficult. If either of you starts to hesitate, maybe you need to rethink buying this house and the entire marriage.

I've seen unmarried couples like yourselves purchase a house together only to see the police a few months later. A squatter associate of the girlfriend almost burned down the house and the entire block a few months later.

PS: Stay away from people who claim they are "legitimate" mortgage brokers and advertise in this forum. In this forum, there is ZERO difference between legitimate mortgage brokers and spammers and advertisers. There are other forums, besides this one, where customer and mortgage broker can freely interact.

Above Poster got it right ..make sure when you buy the home, your name is on Title .. Don't let anyone fool you into having just your boyfriend on title by himself. Trust me, save you stressful moment if ever you decide to split up .. (from Experince with people I know)

you can be on title if you'd like..just let your mortgage broker know ahead of time..

The loan can be in your boyfriends name but you can be on title to the property which means you have a vested interest in the property. All you have to do is tell your lender you want to be placed on title. Your name will have to be placed on the purchase contract and you will have to sign it as well. With his credit score in the upper 700's I'm assuming he is getting a Fannie Mae or Freddie Mac loan, either one of these type of loans will be OK with you being placed on title. Also in the closing packing that your boyfriend will be signing at closing there should be a document in there called "Security interest in the property other than the Borrower" This would be you, you need to sign it.. Hope this helps you out.

That is a question I was faced with myself earlier this year when I bought a house with my fiance and he had the better credit score. What you can do is have your name put on the deed. Its simple to do and will protect your interest in the property. If you need help you can send me an email. I'm a loan officer based in PA but licensed in many other states. And as for Bob's remark about not trusting people on here. It is true, you do have to watch out who you give your information to online. But some of us, like myself, are legitimate loan officers just looking to help some people out. Beware of people who immediately ask for your social security number. Those people are just looking to rip you off. Before you choose what loan officer to use, make them work for the loan. At some point your social security number will be needed to pull credit. But it should not be the first question you get asked. I hope this helps you and if you have any questions don't hesitate to e-mail me.