So my boyfriend of a year is planning on purchasing a house in his name for his parents. His parents are illegal immigrants and he is a DACA recipient in good standing, so he is the only one in the family with a good social that they could use to buy a house. His parents have saved up x amount of money, and are planning on paying the mortgage of course, but I'm 100% concerned about this.
We are both in our mid twenties, with credit scores in the low to mid 600s (working on it.) We live and work in a different city than his parents, although we are in the same state. We've been dating for a year and are planning on moving in together into a rented house this year. It's my hope that we can stop renting as soon as we are able and get a house of our own together. I'm afraid already having a mortgage will affect our chances at qualifying for good rates on a mortgage for our own home when the time comes for us to apply. I'm also afraid having a house in his name in a different city may somehow throw up some red flags when we decide to get married and then apply for his citizenship. I've been told sharing property together (having a house/car/etc in both of your names') somehow makes the process easier.
I know this is a lot and a bit meandering, but I'm hoping this sub can at least help me answer my questions regarding how this might affect his credit score and our eventual ability to get a house together (and for him, getting a second mortgage.) I know there are other issues that may arise like his parents not being able to work or pay for the house and then him being stuck with it, but he has told me he will just "rent it out or sell it" if that happens.
Thanks .
Submitted August 02, 2019 at 07:21PM by musicnflowers https://ift.tt/31jFPBn
