: Lenders typically use the lower of the two credit scores to set interest rates. If one partner has poor credit, it might be better for the other to apply alone.
: Agree on how to split monthly costs like the mortgage, taxes, utilities, and maintenance (e.g., 50/50 or proportional to income). 2. Choose the Right Title Structure
How you hold the "title" determines legal ownership and what happens if one partner dies. unmarried couples buying a house
To help you move forward, do you have a specific in mind or a target budget ? Knowing your area can help determine which local property laws or first-time homebuyer programs might apply to you. What unmarried couples buying a house together need to know
: You cannot file taxes jointly. Only the person(s) on the mortgage can typically claim the mortgage interest deduction, and you may need to itemize to split it. : Lenders typically use the lower of the
: If both names are on the mortgage, both are 100% responsible for the loan. If one partner stops paying, the other is still legally obligated to cover the full amount to avoid foreclosure.
: Draft a legally binding contract with a real estate attorney. It should detail how you will manage joint ownership and provide a clear exit strategy for a breakup. Knowing your area can help determine which local
: Only one person is the legal owner. This can be risky for the non-titled partner, who may have no legal claim to the home despite contributing to payments. 3. Strategize Your Mortgage