Lots of questions have been hitting our Homebuyer Workshop hotlines about how to buy a home when you’re in a dual-income relationship but not “married on paper.” It’s particularly a question that pops up often in the DC market, where couples of various types want and need every last qualification dollar applied so they can buy the home they want.
The rules for unmarried couples are the same as for extended family purchases or sibling purchases. There are a few requirements during the loan process for separate individuals but the rest of the guidelines are for decisions you make on how to protect yourself should the relationship break up.
Mortgage lenders will allow two unmarried people to apply for a loan together. The risk of you breaking up is the same to them as if you were a married couple. The good news is you can combine your incomes to qualify together. How the credit scores for each person are used and applied are different. Here’s how to get help understanding the rest of the equation!
Our free Home Buyer Workshops are also a great place to start! We’ve helped & represented attendees with over $49 million in successful DC/MD/VA home purchases from these sessions.