Why would a couple have to get married in order to purchase a house?

Question

My husband's exwife was engaged and her and her fiancee had to get married sooner than planned in order to get a loan for their house. Why would this be?

They are actually keeping their marrige a secret and planning a big wedding for next spring.

Thanks!

Answer 1

so they can combine their money i guess

Answer 2

They don't/ They can easily combine their money without marriage.

Answer 3

Maybe you should hold on for about 7-9 months and maybe you will have that unexpected reason for the unexpected marriage.

If you have to be married to buy a house then single people would be able to buy them.

Answer 4

I know a lot of places where you cant even rent an apartment if you two aren't married. Or they are picky about it..

It's b/c they view rent/mortgage as long term...and if you arent married you may split!! and leave them with unpaid bills.

And in small claims court.

Answer 5

It was probably because of credit reasons.  Although even that I can't understand because I bought my first home unmarried, but both our names were on the mortgage.

Answer 6

maybe it depends where you live...

in canada you can purchase a house with whoever you want and not have to be married

Answer 7

Since houses are purchased in partnerships all the time, Id imagine that this was for personal reasons rather then any bank requirements.

Answer 8

It is just to get a lower interest rate I am sure. Sometimes they want to get married because one's credit score will bring the other's up if the marriage is legal. They may also have used a special loan for first time buyers or a government loan that is shared. Some of those special loans do require that you are married.

Answer 9

So they can combine there credit.

Individually the both have to qualify for the loan.

If they are married, they become one unit, and can combine credit and income.

GOOD LUCK

..................................

Answer 10

Banks prefer to loan money to stable couples.  It's may seem passe, but a married couple is considered more stable than an unmarried couple.  Especially if they've been together more than a year.   The bank doesn't want their payments getting screwed by a sudden breakup of a couple that doesn't have a legal committment to each other.  Also simplifies loan contracts because married couples are considered a single legal entity for most applications.

Answer 11

that's weird, because I know PLENTY of people who got a loan for a house and weren't married yet.

Where do you live?

Answer 12

Because it's easier to get approved if you can claim a two-person income...

Also... one of them might have bad credit and needs to other person's good credit.