2 names on deed , 1 on mortgage possible?

[Sarah Jones]

Im trying to buy a house with my boyfriend, I have a job and will qualify for the loan but i do not have enough downpayment. He will provide the rest of the down payment. We are doing it as a 50/50 deal.

1. I am getting a loan through the bank, if i am getting a mortgage under my name only... he wants to be on title.. will the banks allow his name to be on title even though he is not on the mortgage?

2. do i need to document anything else to show that this is a 50/50 deal meaning if we sell we will split the profit 50/50, what documents that we will split profits 50/50?

3. is the deed the only thing that needs 2 name or other things

[Jon Holdman]

Sarah Jones its "quit claim" not quick claim. A quit claim deed is a very weak form of deed. I think you're saying the loan officer is saying you should first buy the house in your name with the mortgage in your name. Then do a quit claim deed with you alone as the grantor and you and your boyfriend as grantee. Essentially, you are giving the house to you and your boyfriend.

This has bad idea written all over it. He's going to loan you part of the down payment, then you're going to get a loan. Are you going to tell the lender part of the down payment is borrowed? Are they OK with that? There will be a form the lender has you sign stating that no part of the down payment is borrowed. Since it is borrowed (he gets 50% of the profit if you sell) then it will be fraud if you don't disclose that. What if you and he split up? What if one of you wants to sell, possibly at a loss, and the other doesn't? What if one of you dies? What if one of you marries someone else?