Buying a home with new husband (experiences)

[MIXHOYAMIX 1]

Don't do it!

People tend to think ahead too much hoping things would work out the way they want. In reality you can't really predict what is going to happen to you and your guy.

My now husband and I bought a house while I was still working on my K1 visa. I am regretting this decision for a number of reasons. First, you (American citizen) have to take the burden of dealing with mortgage on your own and you don't know how long it is going to take him to be part of it. The truth is that it will take as long as you guys live in the house with the initial contract. In other words, you guys have to refinance in order to put his name on the mortgage.. This will easily take over two or three years. You have to think really careful about this.

I will get into more details.

The risk would be on both parties until you guys close the deal. Your guy will face challenges like gifting money to you or tax implications. In order to put my name on the deed I had to gift money to my then fiancé. Gifting wasn't easy process either; it had to be seasoned for at least a month but usually many banks require three month seasoning.. The only way your man can contribute towards the house is through gifting (many banks wont want to get involved with him as he has no credit history so they would try to bundle you guys and then only deal with you). He has to check tax laws of his country. My country required explanation and proof if money being wired to overseas exceeds $50,000 but upto $50,000 there was no tax.

As far as mortgage goes.. he wont be eligible for a loan. However if you trust your guy it can be done. Some banks would put both names on mortgage with a note saying you (only Primary loaner is obligated to pay mortgage debt).

Your risk would be,if he decides to gift money at closing, would be if he is trustworthy to complete the gift process. Otherwise you will be left alone and you have to pay the rest somehow. If not, you may lose some or all of your deposit. But your real risk starts after you guys move in. Becoming a home owner is like dealing with all kinds of on your own. If he needs half a year to start working again, it is you who have to pay for repairs (frozen pipes, windows, roof damages, plumbing problems). You don't know how much maintaining a house would cost you and milk out of your income and saving.

There is also sth to consider about a relationship failure. That is where taking which ownership for your house plays an important role. There are different kinds of ownership: tanency in common; joint tenancy with the right of survivorship; tenancy by the eternity (only btw hudsband and wife). my thoughts for you is that don't decide without consulting with a lawyer. Choosing a wrong kind will complicate your life so much when things go south.

My advice is only for buying a house with a foreign national without a credit history in the US.

[acrossoceans 8]

Don't do it!

People tend to think ahead too much hoping things would work out the way they want. In reality you can't really predict what is going to happen to you and your guy.

My now husband and I bought a house while I was still working on my K1 visa. I am regretting this decision for a number of reasons. First, you (American citizen) have to take the burden of dealing with mortgage on your own and you don't know how long it is going to take him to be part of it. The truth is that it will take as long as you guys live in the house with the initial contract. In other words, you guys have to refinance in order to put his name on the mortgage.. This will easily take over two or three years. You have to think really careful about this.

I will get into more details.

The risk would be on both parties until you guys close the deal. Your guy will face challenges like gifting money to you or tax implications. In order to put my name on the deed I had to gift money to my then fiancé. Gifting wasn't easy process either; it had to be seasoned for at least a month but usually many banks require three month seasoning.. The only way your man can contribute towards the house is through gifting (many banks wont want to get involved with him as he has no credit history so they would try to bundle you guys and then only deal with you). He has to check tax laws of his country. My country required explanation and proof if money being wired to overseas exceeds $50,000 but upto $50,000 there was no tax.

As far as mortgage goes.. he wont be eligible for a loan. However if you trust your guy it can be done. Some banks would put both names on mortgage with a note saying you (only Primary loaner is obligated to pay mortgage debt).

Your risk would be,if he decides to gift money at closing, would be if he is trustworthy to complete the gift process. Otherwise you will be left alone and you have to pay the rest somehow. If not, you may lose some or all of your deposit. But your real risk starts after you guys move in. Becoming a home owner is like dealing with all kinds of #### on your own. If he needs half a year to start working again, it is you who have to pay for repairs (frozen pipes, windows, roof damages, plumbing problems). You don't know how much maintaining a house would cost you and milk out of your income and saving.

There is also sth to consider about a relationship failure. That is where taking which ownership for your house plays an important role. There are different kinds of ownership: tanency in common; joint tenancy with the right of survivorship; tenancy by the eternity (only btw hudsband and wife). my thoughts for you is that don't decide without consulting with a lawyer. Choosing a wrong kind will complicate your life so much when things go south.

My advice is only for buying a house with a foreign national without a credit history in the US.

Thanks for your response I was not planning on doing it right at the moment just in the future and what experiences were. I do know things could go sour and that its not wise to do right off the bat.