I would read into the different types of mortgages. There are pros and cons to first time home buyer mortgage and also buying single vs married; not saying it is bad, I would explore all mortgage options and see what works best for you, if YOU want to buy a house. I believe if you do first time home buyer you’re not allowed to rent it out for profit for some time or something and only to be used as primary residency, I would check into that. It sounds like he’s presenting this whole situation that will best suite his wants and needs financially. Do you want to own a house? There are pros to not being on the deed (if you break up you’re not stuck with the house but also you won’t be able to receive any equity on profits if you sell). Not saying you will, but he sounds like he’s direct and wants to control the outcome to his favor; not saying this will but may lead to issues down the road since you legally have no say in the property as you will just be a tenant. Your name will legally not be on the mortgage OR the deed, everything will in his name and he will take the equity and credit benefit, you would be a glorified tenant in the eyes of the law. The way he presented this IMO he sounds controlling and wants this all to work out to his benefit and pushing you down a path that he wants you to in regards to buying for his benefit. But at the end of the day, is this what you want to do? Is something such as home buying and even marriage important to you? (I mention marriage since he says he wants you to buy a property single to benefit from first time home buyer). IMO, my gut doesn’t sound like this is a good idea either, it sounds sketchy and he’s not taking in all the factors of what home buying and renting is. Home buying in general is A LOT. Renting out to tenants can be hot work and also take in the cost of how much you’ll be purchasing and take away from renting. I would reach out to a realtor and speak with them to maybe gauge their input, but as someone who went through home buying and selling as a single person (I bought under a conventional loan and when I sold my realtor explained the differences between them all when I was selling), it’s not sunshine and rainbows as your boyfriend makes it seem to be unless he has a bunch of cash on hand. Long story short, no, you will not be signing anything on the deed or mortgage, how much you would owe would be between you and your boyfriend (but based on reading it again I highly advise against this idea).
Can you have this baby alone Bc this is the way it’s looking?
I would read into the different types of mortgages. There are pros and cons to first time home buyer mortgage and also buying single vs married; not saying it is bad, I would explore all mortgage options and see what works best for you, if YOU want to buy a house. I believe if you do first time home buyer you’re not allowed to rent it out for profit for some time or something and only to be used as primary residency, I would check into that. It sounds like he’s presenting this whole situation that will best suite his wants and needs financially. Do you want to own a house? There are pros to not being on the deed (if you break up you’re not stuck with the house but also you won’t be able to receive any equity on profits if you sell). Not saying you will, but he sounds like he’s direct and wants to control the outcome to his favor; not saying this will but may lead to issues down the road since you legally have no say in the property as you will just be a tenant. Your name will legally not be on the mortgage OR the deed, everything will in his name and he will take the equity and credit benefit, you would be a glorified tenant in the eyes of the law. The way he presented this IMO he sounds controlling and wants this all to work out to his benefit and pushing you down a path that he wants you to in regards to buying for his benefit. But at the end of the day, is this what you want to do? Is something such as home buying and even marriage important to you? (I mention marriage since he says he wants you to buy a property single to benefit from first time home buyer). IMO, my gut doesn’t sound like this is a good idea either, it sounds sketchy and he’s not taking in all the factors of what home buying and renting is. Home buying in general is A LOT. Renting out to tenants can be hot work and also take in the cost of how much you’ll be purchasing and take away from renting. I would reach out to a realtor and speak with them to maybe gauge their input, but as someone who went through home buying and selling as a single person (I bought under a conventional loan and when I sold my realtor explained the differences between them all when I was selling), it’s not sunshine and rainbows as your boyfriend makes it seem to be unless he has a bunch of cash on hand. Long story short, no, you will not be signing anything on the deed or mortgage, how much you would owe would be between you and your boyfriend (but based on reading it again I highly advise against this idea).