Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for user2941098

Is it simple to get joint mortgage while engaged or better rates if wait until married?

My fiance and I are getting married in September but are hoping to purchase a home in the Houston area prior to our big day. I've heard mixed advice regarding buying a home with someone before we are legally united. I'm not looking for words of wisdom but sound financial advice on how a legally married status can impact rates and our ability to get a loan. 
Here are our stats:
Home purchase range: $140-$180k
Downpayment funds: $25k
Combined income: $160k ($80k/each)
Monthly Debt: $1500 (mostly student loans)
My credit rate: 686
Fiance's credit rate 659
  • April 01 2013 - Richmond
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

The answer to your questions really depends on what you are trying to accomplish.  There are certain programs where it would be beneficial for only one of you to be on the home loan and there are other programs where you might want both of you on it.  For example with  both of your income you will have more  buying power but you would have to take into consideration you fiancé's credit score which is lower than yours.  In other situations you might want to do something prior to getting married so you ddon't have to count your spouses debt against you in the approval process.   Also there are programs such as USDA that have income limits which could affect your ability to get a home loan.  Typically the best thing to do is speak to a few banks/lenders than can help you plan your goals in obtaining a home loan.  If you have further questions regarding this please let me know. Thanks

  • October 18 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Being married yet or not won't make a difference on your rate or your ability to qualify.  I just closed on a loan near Dallas for one of my friends in the same situation.  Texas is a community property State so regardless of how you initially appear on Title, it shouldn't make much of a difference long-run.   
  • October 18 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for EvelynCorner
[Promotion and hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
  • October 17 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Married or not..... There will be ZERO DIFFERENCE in the terms of the loan.
Apply with confidence.
  • April 01 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Why not contact the loan officer at your bank and get an answer that is from the source that you can trust? Asking here will get guesses, asking there will get you a reliable answer. Speak to a couple places, start at the bank where you save some of that $160,000 income since they already know you. I don't think you will find any discounts for being married.
  • April 01 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Should you chose to purchase before being legally united, please stop and see an attorney to have a contract spelling out what happens with the equity, responsibilities etc for the home if you split.

  • April 01 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.