This is a very interesting question, and there is some good news for you: You and your partner would be far from the only buyers in the United States to purchase a home together even though they’re not married.
That’s because couples can qualify for mortgage loans even if they’re not married. In fact, couples don’t even have to be involved in a romantic relationship to apply for a mortgage loan together and buy a home.
When it’s time for you and your partner to buy a home, just make sure that both you and your partner’s names are on the property’s title. This means that both of you then own the home. There is no requirement that you and your partner have to be married. After all, plenty of people who aren’t married buy homes together, this includes brothers and sisters, mothers and daughters and best friends.
This doesn’t mean, though, that both you and your partner must have both of your names on the mortgage loan you take out to finance your home. If your credit is good and your partner’s is terrible, you can apply for a mortgage loan in your name only. This might make sense; lenders will only use the lowest credit score among mortgage applicants. If your score is 740 and your partner’s is just 620, your lender will toss your score and rely solely on your partner’s. You might then face higher interest rates or even have your loan denied.
Of course, before purchasing a home together, it’s important to have a plan. What will happen if you split up and both of your names are on the title? Of course, this is a problem that all homebuyers, regardless of whether they’re legally married or not, have to resolve.