I started the first time home buyer club on Friday (2/8) and I have everything set up where the mortgage will be completely in my name and the income is based solely off of myself. My question is when would it be ok for my girlfriend to move in after I purchase the house? Since we are not married I obviously want the mortgage completely in my name and if we combine incomes we might not even be able to be in the club anyways.
I don’t plan on her moving in right away because she will already have a lease with some friends but if anyone could give any insite, it would be appreciated.
BTW: I am going through First Niagara and the guy I went through was great, if anyone wants his number just let me know.
Why would it matter if you’re girl moved in? You’re not married, it would be like if you let a buddy stay with you. I wouldn’t tell anyone, but I’d make her pay rent because I’m real like that! lol
To sign up for the program you have to tell them everyone who will be living in the house and their income. Of course she will pay rent lol, I just dont anything to happen to the $7,500 they are giving me if they check up or anything
Yeah as long as youre not married youll be fine man.
Just omit the fact that shes living there, they dont do a “follow up check” on you or anything. The only thing that sets off a red flag is if you sell the house and then theyll probably come looking for their money back.
Once you have the house and the paperwork is signed, then who else you have living there is your business, not theirs. Once you sign your life away on the mortgage, then you can do as you please.
The application work is to determine the creditworthyness of the $$ being used to buy the house/pay the mortgage.
Let her move in whenever, keep everything in your name, including all bills etc. Be smart and instead of her paying toward the mortgage have her pay the utilites, cable etc as your splitting things deal.
Don’t own anything jointly with her, don’t even put bills in joint name.
I have seen this go to shit more times than I can count, currently extracting a client of mine from a very similar situation. It is always messy and expensive.
Even if they do check up(they won’t), just tell them she’s just staying the night, and she lives somewhere else. If her name isn’t on anything then they can’t prove any differently. I finished the first home club awhile ago and am in the process of closing now, and I’m going to rent a room out to a friend of mine without having disclosed it on the forms in the beginning. It’s really not a big deal.
You will be fine, I just finished up the FHBC thing and my gf even went with me to all the meetings and even the closing, all the paperwork is in my name, and anytime they asked if she was living with me we just said no.
The main concern with the FHC, is that you’ll be using the property as a rental. The bank isn’t going to prohibit you from living with someone else for 5 years, nor will they check.
