Can a house purchased in the United States be registered under two names? Can two people who are not married apply for a loan together?

The two most common ways of distributing property rights are:

● Tenancy in common: This method of distributing property rights is not an equal distribution, but depends on who invests more, and the proportion of property rights is larger. However, the decision to sell the house still needs to be made by all property holders together, but when the money is finally divided, it is based on their respective shares. Another special point is that people who choose the method of distributing property rights in common can designate the person who inherits their property rights after their death (beneficiary).

● Joint tenancy: This method of property distribution is an equal distribution. No matter how different the investment shares of the property holders are, they all get the same amount of property rights. The most important difference between joint tenancy and shared tenancy is that the joint tenancy holder cannot designate the property heir after his death. If one of them really dies, the remaining property holders will divide their shares equally, so this method of distribution of joint tenancy is more suitable for family members.

Joint loan for house purchase

Loan companies do not have any requirements for co-purchase membership. Here are some examples of co-purchases.

– Adult children and their parents

– Couples or unmarried couples

– Two friends jointly purchase an investment property

– Married couple buying a rental property together

– Two families buy a big house and live together

Requirements for joint loan to buy a house

The requirements for a joint loan to buy a home are the same as those for a regular personal loan, such as credit score, income, two years of work history, debt-to-income ratio, etc.

How to divide ownership when buying a house with a joint loan

Clarifying the division of ownership between the two parties can ensure that the loan is repaid on time and avoid disputes. Usually, the two parties who buy a house together will ask a lawyer to write the division of ownership, including the proportion of the loan each person bears, or how to deal with the loan if the unmarried couple breaks up.

Loan programs to support joint home purchases

When interest rates are low, people generally tend to choose loans with longer terms. Of course, some people consider that they will not live in the newly purchased house for too long, so they choose adjustable rate loans for 5, 7 or 10 years.

The VA loan program does not support joint home purchases, and the FHA loan program is generally suitable for couples.