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    chrissy2buy1's Avatar
    chrissy2buy1 Posts: 1, Reputation: 1
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    #1

    Jul 12, 2007, 07:22 AM
    Loan not in my name-Want my name on the deed/title
    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
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Jul 12, 2007, 07:45 AM
    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)
    Cvillecpm's Avatar
    Cvillecpm Posts: 553, Reputation: 28
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    #3

    Jul 12, 2007, 07:46 AM
    Have BF quit claim half interest in the property to you AFTER CLOSING
    froggy7's Avatar
    froggy7 Posts: 1,801, Reputation: 242
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    #4

    Jul 12, 2007, 08:17 PM
    Quote 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.
    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.
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