Hi my boyfriend and I are purchasing a home. He has filled out all of the loan paperwork and my name is not on any of it so he could get a better deal? He has an FHDA loan and when I called the lawyer earlier this week (I did not tell her what type of loan, because we did not know at that time) she said to get the loan manager to get me to fill out a deed of trust so my name could be on the deed / title without being on the loan. Now my boyfriend went to the bank yesterday to ask about the deed of trust and adding my name to the deed / title and the loan manager said do not even tell me someone else will be living with you on this loan, you can not have anyone else on the deed / title and not even have anyone else living with you. Please help what can I do? I am giving a few thousand dollars of my own money towards closing cost and I want my name on the deed / title and my boyfriend wants me on there too. Thank you for your help and suggestions. -Deedless in Virginia

Hello chrissy:

I was a loan officer a while back. I don't know who FHDA is. Maybe they require their borrowers to remain single for their entire life - I don't know. If they do, I would borrow the money from somebody else.

If, however, he's borrowing from the FHA, they allow their people to be real people. It is true, though, that if the borrower defaults, they don't want anybody (like YOU) clouding their title, so they're going to want you to BE a borrower too.

If it were me, I'd retain a real estate attorney.

excon

PS> Couples get pretty good first time deals too, unless your credit is shot... (?? ) (Even MORE reason to get an attorney)

Have BF quit claim half interest in the property to you AFTER CLOSING

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Originally Posted by excon

Hello chrissy:

I was a loan officer a while back. I don't know who FHDA is. Maybe they require their borrowers to remain single for their entire life - I dunno. If they do, I would borrow the money from somebody else.

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FHDA is the Farmers Home Administration. And I will go out on a limb and guess that they have certain lending criteria that the boyfriend meets, but that the couple together doesn't. So if they think that he is buying the property by himself, etc. it may be fraud if he has his girlfriend involved in the transaction.