Hypothetical: Buying a home when one partner has $$ and the other doesn't...

[happythoughts 0]

People have insurance for car collisions, theft, homeowners, medical, etc.

We protect ourselves legally and financially for any event
based on the statistical incidence of the problem and our
financial exposure. (People with expensive cars get more
expensive liability also because people will sue for more)

It is good, common sense planning that we do as adults.

The argument of, "you don't need a pre-nup because
we will be together forever" is only supported by 50% of the marriages.
So why do people demand that we ignore reason when
it comes to marriage ? People want you to exclude logic
when it is to their advantage.

[popsjumper 2]

Boy should save himself some aggravation and just give half his money to girl...then go find another girl to give half of the remaining money to...and then go find another girl.....well, you get the idea.

If boy doesn't do it, the courts will be happy to do it for you...at a cost, of course.

My reality and yours are quite different.
I think we're all Bozos on this bus.
Falcon5232, SCS8170, SCSA353, POPS9398, DS239

[DFWAJG 4]

Call Lawrocket.

[mcrocker 0]

Credit rating is everything when getting a loan, if boy & girl both have stellar credit then they have the same buying power in terms of a mortgage. The $$ the boy has for a down payment is his and should be returned to him over time by the girl.

boy & girl get mortgage,
boy & girl get name on deed
boy pays down payment
girl pays boy 1/2 of down payment over X months.
boy & girl split the mortgage payment.

If the boy has stellar credit and the girl has poor credit then the boy gets house, mortgage, deed, loan payment and new girl friend.

If the girl can't afford 1/2 the mortgage then she shouldn't be buying a house she can't afford. Establish a ratio of the mortgage paid by each person (70% boy, 30% girl) when the house is sold use the same ratio to distribute and equity gained. Boy pays 70% of everything for the house, girl pays 30%.

Get it all in writing before signing for the mortgage and make sure everyone is clear on the financial obligations.

[JohnMitchell 16]

This is all making marriage look simple.

I like the statement that neither party should enter into a mortgage they can't afford. I've had coworkers that bought a house while cohabiting, then broke up and sold the house. I'll have to ask how that went.

[Rstanley0312 1]

Quote

Boy and Girl should figure it out together and decide what fits them best.

Having said that, the info given is:

1. "Boy and girl want to buy a place together."
2. "boy has probably 95% of the money"
3. "girl only has stellar credit"

So, they want to buy together and she has no credit problems. Great! Do that.

By they way, I am a little bothered by the addition of "only" in the statement regarding Girl's credit.

Why? You need money and income to borrow. Credit gets you nowhere in buying a house without the income. Unless we are talking about the stated loans that should have never happened and those bumped the rate. Girl can only do harm with the app. she cannot make the situation better for qualification.

Life is all about ass....either you're kicking it, kissing it, working it off, or trying to get a piece of it.
Muff Brother #4382 Dudeist Skydiver #000
www.fundraiseadventure.com

[Rstanley0312 1]

Quote

Credit rating is everything when getting a loan, if boy & girl both have stellar credit then they have the same buying power in terms of a mortgage. The $$ the boy has for a down payment is his and should be returned to him over time by the girl.

boy & girl get mortgage,
boy & girl get name on deed
boy pays down payment
girl pays boy 1/2 of down payment over X months.
boy & girl split the mortgage payment.

If the boy has stellar credit and the girl has poor credit then the boy gets house, mortgage, deed, loan payment and new girl friend.

If the girl can't afford 1/2 the mortgage then she shouldn't be buying a house she can't afford. Establish a ratio of the mortgage paid by each person (70% boy, 30% girl) when the house is sold use the same ratio to distribute and equity gained. Boy pays 70% of everything for the house, girl pays 30%.

Get it all in writing before signing for the mortgage and make sure everyone is clear on the financial obligations.

This is not correct. Your credit is only a piece of it. He/She who has the money has the primary spot. If you have one with great credit and one with bad credit but the one with bad credit make shte most money they are the primary and what most of the loan is based off of including the rate. Income or ability to pay is very important. Credit takes a back seat for getting a loan. If you are above minimums (credit score) then you are going to get a loan if you have the money but the money determines how much where credit decides what rate. A person with great credit and little income will be denied faster than a person with mediocre or bad credit that has the income.

Life is all about ass....either you're kicking it, kissing it, working it off, or trying to get a piece of it.
Muff Brother #4382 Dudeist Skydiver #000
www.fundraiseadventure.com

[ridestrong 1]

Regardless of financial situations, if boy and girl are not married it is completely foolish to even consider having both on the mortgage.

Boy is a dumb shit if he can buy the home independently but puts girl on mortgage 'just so she feels better about it'.... stupid.

*I am not afraid of dying... I am afraid of missing life.*
----Disclaimer: I don't know shit about skydiving.----

[Rstanley0312 1]

Quote

Regardless of financial situations, if boy and girl are not married it is completely foolish to even consider having both on the mortgage.

Boy is a dumb shit if he can buy the home independently but puts girl on mortgage 'just so she feels better about it'.... stupid.

Agreed

Life is all about ass....either you're kicking it, kissing it, working it off, or trying to get a piece of it.
Muff Brother #4382 Dudeist Skydiver #000
www.fundraiseadventure.com

[nanook 1]

Buy the place yourself. Then have her sign a rental lease for $0 a month, no depost. Renew it every six months or so. She will have a piece of mind that she can't be kicked out without a few months' notice.

_____________________________

"The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln