Your Guide To Buying A Home in Houston as a Married Couple

Houston is a prime location for newlyweds who want to be close to where the action is. Neighborhoods that are in high demand are The Heights, Montrose, and Midtown. When you buy a home in these locations you are minutes away from restaurants, events, and activities. You can either walk or take an Uber, and you’re in downtown Houston already. 

If you are married and looking to buy a home in Houston, there are things you should learn before you sign on the dotted line. We understand the excitement of making the first major financial decision as a couple but you need to know that the home buying process has special considerations for the married compared to buying individually.

We answer some of the most important questions you may have when buying a home with a spouse.

Get in touch with an experienced Houston mortgage broker to learn more about your home financing options.

What’s the difference between homebuying as a couple compared to as an individual?

Buying a home as a couple has its advantages. You may use both your income and credit scores. If both are earning well and have good credit scores, you may qualify for a larger mortgage and lower interest rates.

Buying as an individual, on the other hand, means you present your income, credit score, and financial history. 

Can I apply for a loan without my spouse?

Yes, you can. If found eligible, you can get a mortgage without your spouse, which means that only your name will be on most loan documents. Couples may opt to have only one spouse’s name on the mortgage if one has poor credit. You’ll have a better chance of getting approved since the spouse with the better credit scores will be considered.

Keep in mind that Texas operates as a community property state, meaning property bought by a married couple is equally owned by the spouses. 

Community property law also gives lenders the right to look at the financials of both spouses, even if only one spouse is applying for a mortgage. In the end, both spouses will ultimately co-own the property, so claiming sole ownership may not be possible in Houston. 

If you have property purchased before marriage, community property laws do not affect this situation. The home will still belong solely to the person who bought it. 

Advantages of buying a home as a couple

Buying a home as a couple can get you the best deals possible if you’re both in great shape financially. More income and assets submitted for underwriting are always better, proving that you have more buying power.

If you have plans to buy another home in the future, paying off your first mortgage as a couple can boost your credit scores and show lenders that you are responsible borrowers.

In the event one spouse dies, full ownership goes to the surviving spouse when you buy a home as a couple. This gives the surviving spouse fewer challenges when transferring the property into their name.  

Lastly, equal ownership means equal responsibility. Both spouses are responsible for making mortgage payments which lessens the burden compared to having just one spouse making payments.

If you have found your dream home and are looking for the best financing options, a conventional home loan by Reliance Financial Group fits the bill.

Be honest about your finances before buying a home

Newlyweds share plenty of things with one another, but when it comes to finances it becomes a different story altogether. Couples need to sit down and plan how costs will be handled monthly. Are you splitting the mortgage payments 50/50? Who spends for home maintenance and renovation?

Putting these things in writing can help you navigate through problems when they arise. 

Work with Reliance Financial Group for a stress-free home buying experience.

Preparing for a wedding is stressful enough, and we know that couples wouldn’t want to experience more headaches during the home buying process. 

At Reliance Financial Group of Houston, TX our team can help you get the best loan product that fits your specific needs. 

Reach out by calling or sending us a message on our website today.

 

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.