Profile picture for OceanLover07

*Help* She wants to use her VA loan but we aren't marry how can I own half of the house???

*Help* She wants to use her VA loan but we aren't marry how can I own half of the house??? Okay so my girlfriend is trying to get a house using her VA loan, I was told by her realtor that since we aren't marry only she could be in the mortgage in order to be able to use the VA loan. The truth is I will be paying for half of this mortgage and I will take a personal loan to make this house the way we want it. However I need to know how can I have something draw for us saying I own part of this house because at the end of the day I'll be investing more money than her, she just wants to get the benefits of her VA loan. Or is this even possible? Or would it be best to be marry? I mean without my financial support she cant afford this house at this moment and I am not willing to pay for something that I have no rights to or were I could in the future for whatever reason lose all the money I invested on that property.
  • August 30 2014 - Roanoke
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Answers (9)

Profile picture for Tammie Jo Lee
Asked to be put on the title of the home.
  • 6 days ago
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Profile picture for Jackie Boyd
No matter who is on the loan the Deed / Title can be in both your names giving you ownership.    That will be done at closing and it happens all the time.
  • September 20 2014
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While it might be best to marry, I will leave that answer for you and your other advisors.
In terms of the VA loan, if you are not married, then our underwriter just told me that you will not qualify for the VA loan. If she can qualify on her own, then you can get on title with a partnership agreement or some other legal agreement as to the future disposition of the home after the closing. Obviously, as already suggested, sitting down with your lender and perhaps your attorney is best for protecting everyone's interest(s).
Best wishes, Jim
  • September 02 2014
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Profile picture for OceanLover07
Thank you Kelly I appreciate you anwser as well. I will talk to an attorney and see what my options are but that is a good idea as well. Thanks!
  • September 01 2014
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The others are all correct.
Best bet is to contact an attorney....

But, I will tell you, no matter who has the "loan"...once house has been closed on, there can be someone added to the title. (Deed) 

This may be just what you are looking for...

Good luck !
Kelly
  • August 31 2014
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Yes. It doesn't matter what kind of loan you get.

Think of it this way. If you and I were to buy a property together, we'd want to draw up an agreement to document our understanding of what will happen if

a) one of us wants to sell
b) one of us is incapacitated
c) we do sell and disagree on how to split the proceeds

  • August 31 2014
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Profile picture for OceanLover07
...so even if is a VA loan that she is getting we could still get something draw up by an attorney? Well if thats the case we will try to meet with one next week, thanks for the answers any other advise will be appreciated.
  • August 31 2014
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You guys need to have a meeting with an attorney to draw up a partnership agreement. A lot of people buy property in partnership without being married - investors, for example, not married to each other, but partners in a venture.

What you need to resolve is not just how big a share of the house each of you have, but what happens to that share in case one of you are incapacitated. If she gets hit by a car, someone on her side of the family is likely to take control of her affairs and "become" your partner, which may or may not be good for both of you.

Also, you need to have an exit strategy - what happens if one of you wants to sell, and the other doesn't. Let's say that her mom needs to be placed in a care facility and she needs to sell the house. You can have a plan in place so that you can either buy it outright at a price determined by some formula, or you can sell it and divvy up the proceeds according to a formula.

All the best,

  • August 30 2014
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Profile picture for wetdawgs
Why don't the two of you sit down and run a number of financial scenarios (your loan officer can help you) and together come up with a strategy that works for both of you.   You are right, marriage protects some of the propoerty rights of both parties, there may be other ways to approach it.  If you aren't ready for the marriage part (and don't hurry it), perhaps renting for a while longer would be helpful at meeting the goals you have together.

  • August 30 2014
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