Hi everyone, we are under contract to build our first home. My husband qualified for the FHA loan on his own, so for simplicity, the mortgage is under his name. Originally, the plan was to have both our names on the title. We are planning to rent this out after living in it for 2+ years, and we had planned to follow the same approach with our next home, which would be under my name.
My main concern is whether putting my name on the title of this home will disqualify me from any future First-Time Homebuyer programs or opportunities. Does anyone have experience with this? (And please note, I’m not asking for advice about putting my name on the title in case of divorce, we have other legal protections in place for that.)
Retired attorney here. Unless there’s a compelling reason not to, I recommend that all real estate be titled as Joint Tenants with Right of Survivorship. It makes things cleaner if anything happens. Also, remember that First-Time Homebuyer qualifications vary depending on your state, county, or city, and they can change over time.
Yes, if your name is on the title, you’re considered a homeowner. However, depending on the state you live in, being married could automatically include you on the title even if you don’t explicitly add yourself.
Generally, after a gap of about three years, you’re considered a first-time homebuyer again for program purposes. Vesting the property as ‘Married Man as Sole and Separate Property’ might be the best option if you’re concerned about qualifying for future programs. And yes, business is business—don’t worry too much about the divorce angle here.