Title under one spouse only, even with shared down payment funds?
I'm wondering if there are any issues with financing a property under my name and have myself on title only, but have the down payment funds come from my spouse's bank account. My wife and I have a long term plan to each finance 10 properties which is why we don't want to both be on title for each purchase. I'm just curious as to whether we'll be required to put my wife's name under title because the down payment funds will come from her account. I suppose an easy fix would be to add myself as joint owner to her bank account (which she wouldn't mind). Thoughts?
Hey there O'brian! The lender will want to know where the money came from but you guys will still choose who takes title. Their biggest concern will be that you aren't taking out a loan to make the down payment. They will want first lien position and will likely ask for proof that it's a gift and doesn't have to be paid back. I'm not sure if it makes a difference that the money is coming from the spouse or not. See what others have to say. Good question.
Take care.
