Lending and property tittle question?

Question

So I have 10% for a down payment, my parents are going to give me another 10%, my plan was similar my to buy a house, live in it for a year, and after rent it out.

I recently got married in the state of Florida. The property would also be in Florida.

Since I am putting the down payment, and I wanted the tittle if the house to be under my name.

I heard that I can’t do that. My loan officer said that “in the state of Florida, both you and your wife need to be on the loan, and on the home tittle”. This doesn’t sound right to me.

I understand that she needs to be aware that I am getting a loan and buying a property, which she is. But I don’t think it’s fair that by law I need to put her credit at risk on my investments, or that I need to put her in the tittle if the house.

Worse case: if we get divorced, she will get half of the house which she didn’t pay a dime for.

To me this just doesn’t sound right. Has anybody experienced something like this?

Allen Lopez · Answer

@Melvin List

Got you

Melvin List · Answer

@Allan Calderon the lender does not know what you would like to do with the property a year from now.  They only know that you are applying for a primary residence and that you are married based on the application.

Allen Lopez · Answer

@Melvin List

So this is where I am confused, it will be my primary home for 1 year, as I can work from anywhere (I work remotely) but she can’t relocate because her job requires that she stays with in 50miles of it. She is under contract until next summer.

Keep in mind it’s only two hours away she for the year, we will each have different homes.

Melvin List · Answer

@Allan Calderon If you are going to make an application for your primary residence and you are legally married then the spouse will  have to acknowledge the mortgage so they will be on title.  If you purchase the property as an investment property then your spouse does not have to be on title.

Allen Lopez · Answer

@Wayne Brooks

But we did get a prenup starting that any assets under ma name are mine and any assets under her name are hers. She wouldn’t get Half. I am more concerned if her name appears on anything that i purchase with my investment money.

Keep in mind that we do have an account together that we use to invest together.

Carrie Angyal · Answer

@Allan Calderon Not the case.  My husband and I purposely diversify our rentals.  For example, our primary residence is in my name, which give him a lot of buying power for financing investment properties.  I can lend in Florida, and we have great programs.  Being an investor myself also helps us figure out the best path for financing.   Connect with me if you would like to talk further.

Chris Mason · Answer

@Melvin List this doesn't sound right, can you confirm?

Wayne Brooks · Answer

Well, she doesn’t have to have her name on title, but guess what....she will likely have to sign off when you sell it anyway.  As for the “she would get half if we divorce”.....she would get half anyway, FL divides up assets acquired after marriage 50/50 in the event of a divorce.