Mr. avabeth and I have decided to undertake the grand expense of a house. It took a bit of convincing to even get him to look into the idea, but he’s starting to get excited about it. We had a long talk about it this weekend, and we’re going to start looking around for a house. We’re going to get some ideas of what we’d like for our starter home until our wedding in September, and after that, we’ll look into seriously finding a house and buying to move into in January. My credit is a bit rocky, although I’m trying to rebuild and pay off all of my debt. Mr. avabeth has near-perfect credit, so we’ll probably end up buying the house in his name only, and then adding me on later when my credit is better.
A few questions:
If my credit is rocky and his is excellent, and we are married, can we buy a house in his name only? My brother and sister-in-law bought a house and put it in my brother’s name only, but this was prior to their marriage.
Although my credit has a high debt-to-income ratio, I don’t have bad credit or charged-off debts or late payments - if we did look into buying with both of our names on the house, would they turn us down based on my credit, even if we can easily make the payments? (We’re looking to buy a house that’s well within our means - I’ve seen too many of my friends buy a house that they can’t afford, and then not even be able to buy furniture for it! We just need a house with enough room for us, the two kitties, and in a couple of years, the newest little addition to our family;). Since I’ve been in a Brooklyn apartment for four years prior to moving here, I am not concerned with finding a too small house - anything is bigger than my old apartment).
What steps do we need to be taking now in order to buy in another nine months or so?
What should we look for when we start looking at houses, in terms of the livability of the house?
Thanks for all of the advice! I’m actually very excited to find our own house. I think, financially, it’s a much sounder decision than paying rent.