Posted on: 07th Aug, 2009 06:42 pm
my fiance and i are buying a house. he has 250k in cash and i will be financing the other 50k. I'm the only one working and he recently got laid off. He wants his name to be on the deed alone because he's putting all his life savings into the home. Can i get a mortgage and not be on the deed? If not, how soon after we purchase can i quitclaim the property?
As far as I know, the lender will want both of you to be on the property deed. As the mortgage will be in your name it is better if your name is on the property deed. You can quitclaim the property to your fiancee after the closing but you will have to inform the lender about it. Moreover, once you quitclaim the property to your fiancee, you will lose ownership rights to the property.
why you want to quit claim property to fiancee?
Also as you said he got laid off then is it possible for him to pay monthly installments.
I think you should talk and take decision.
TAKE CARE
I think you should talk and take decision.
TAKE CARE
lender will definetely ask both the names on mortgage & title. also note that he is paying good amount but future payments will be done by you.