Joint Loans for Unmarried People

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We aren't married. How do we buy a house together?
Basically, the same way that married people do. The qualifications are exactly the same, provided that you both will be living in the property. If not all of the people who will be buying will also be living in the property, they have to show that they can afford both the place where they are living and their share of the expenses of the property. The only real difference in the paperwork is that unmarried parties cannot submit a single loan application - they must fill out separate applications. Most lenders will require that all of the disclosures also be signed and submitted individually. But that's just to keep the lumberjacks happy killing trees.


It is highly advisable that you consult an attorney as to how you want to hold title, but that advice holds true even for a married couple. To protect partners acting in good faith from those acting in bad, some kind of partnership agreement that gives the other parties rights to recover any extra they paid to keep the partnership out of trouble, if one or more of the partners can not or do not make their share of the payments on time. But that's extra, not a part of the purchase or finance processes, and you can certainly buy a property with basically anyone. It's one of the most basic of rights here in the United States. Convicted felons, jail inmates, illegal aliens, and people who have never set foot in the United States can all buy property here, as long as they have the money or can persuade someone to lend it to them.

The thing to watch out for is if the party who makes the largest amount of money is not going to be living in the property. That will mean it's treated like an investment property loan, and those are more expensive loans as well as having tighter qualifications.

The fact that people are not married means basically nothing to the loan qualification process, either. The guidelines are exactly the same either way. Yes, there are complex variables as to how you qualify, and what loan you qualify for. But people who are married but aren't going to be living together are treated the same as two random business partners, except that married people can put all of their joint information on one application. You can have any number of people on title to a property, or responsible for a mortgage. The major thing to watch out for is that they must qualify as a group, and almost always under the same set of qualifications. If one person has to do stated income, they all might as well be stated income, because they're not going to get full documentation rates anyway - or at least that was the case when we had stated income. The same thing still applies to credit: the weakest partner determines the loan qualifications you use and whether you qualify - exactly the same as if they were married.

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About this Entry

This page contains a single entry by Dan Melson published on October 14, 2020 7:00 AM.

The Push Towards Bigger Loans: Why It Happened and How Consumers Suffered was the previous entry in this blog.

What Happens When You Can't Make Your Real Estate Loan Payment is the next entry in this blog.

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