Unmarried couple happily reviewing iQRATE Mortgages documents.

Unmarried Homebuyers Guide for Nevada

Q: What are the two most common ways for an unmarried couple in Nevada to take title to a property?

A lender's seasoning period is a mandatory waiting time after you purchase or refinance a property before you can access the full after-repair value (ARV) for a cash-out refinance. Most DSCR lenders require a seasoning period of 6 to 12 months. Refinancing before the seasoning period concludes typically means the lender will base the loan amount on your original purchase price plus rehab costs, which severely limits the amount of equity you can cash out. Waiting until after the period allows you to borrow against the full market value you created through your renovations.

Q: What is the key difference between Joint Tenancy and Tenants in Common regarding inheritance?

To justify a higher appraised value, you should provide the appraiser with a detailed and organized renovation packet. This packet removes guesswork and provides concrete evidence of the work performed. It should include: a cover letter summarizing the major upgrades, a detailed scope of work document itemizing all improvements, compelling before-and-after photos showing the property's transformation, copies of paid invoices and receipts for materials and labor, and copies of any official building permits that were issued for the work.

Q: How do mortgage lenders evaluate the credit scores of two unmarried applicants?

No, LTV limits for cash-out refinances vary significantly among different DSCR lenders, as each has its own guidelines and risk tolerance. While purchase loans may reach 80% LTV, cash-out refinances are often capped at 70% or 75% LTV. The specific LTV offered to an investor is influenced by several factors, including: Credit Score (higher scores typically qualify for higher LTVs), DSCR Ratio (a stronger income-to-debt ratio may result in a better LTV offer), Property Type (a single-family home might receive a higher LTV than a multi-unit property), and Loan Amount (some lenders may offer different terms based on the size of the loan).

Q: Can one partner be on the mortgage while both are on the deed?

Your property's monthly rental income is the foundation of a DSCR loan approval. The formula is: DSCR = Gross Rental Income / Total Monthly Housing Payment. A higher rent results in a higher DSCR. This proves to the lender that the property can comfortably support a larger loan payment, which in turn allows you to qualify for a larger loan amount and maximize your cash-out.

Q: What is the purpose of a cohabitation agreement for unmarried homeowners?

Yes, it is often possible to pay for closing costs with the proceeds from your new loan, meaning you don't need to bring cash to closing. However, these costs are not added on top of your loan limit. Instead, the closing costs are subtracted from the total cash-out funds available to you after your existing mortgage is paid off. The total loan amount, including these costs, cannot exceed the lender's maximum LTV limit based on the property's appraised value.

Q: How is property equity divided if a couple splits up without a cohabitation agreement?

Investors can make several avoidable errors that reduce their available cash-out funds. The most common mistakes include: Poor Documentation (failing to provide an appraiser with a thorough renovation packet can lead to a conservative and lower valuation), Refinancing Too Soon (not waiting for the lender's seasoning period to expire is a costly mistake that forces the loan to be based on cost rather than value), Lacking a Tenant (attempting to refinance a vacant property is less favorable, as lenders prefer the security of a signed lease over estimated market rents), and Ignoring Lender Differences (accepting the first loan offer without comparing options can mean missing out on better LTV limits or shorter seasoning requirements from other lenders).

Q: What documentation is required when using gift funds for a down payment?

The ideal time to begin the refinance process is 30 to 45 days before your lender's seasoning period expires. This allows you to gather all necessary documentation, secure an appraisal, and complete underwriting so that you can close immediately once the seasoning requirement is met. Crucially, by this time, the property should also be 'stabilized,' which means you have a qualified tenant in place with a signed lease and have collected at least the first month's rent.

July 21, 2026

Specialized In Jumbo Loans, Investor Loans, DSCR Loans, Non-QM Financing, Commercial Mortgages, and Tax-Informed Lending Strategies

Published By

David Ghazaryan

Owner / Broker / Banker

Contact Me At

(702) 766-3744

NMLS 1486726

Let's Connect

TL;DR

This guide explains crucial considerations for unmarried couples buying a home in Las Vegas. Key topics include:

Title Options: Learn the significant legal and financial differences between holding title as Joint Tenants with Right of Survivorship versus Tenants in Common, especially regarding ownership shares and inheritance.
Mortgage Qualification: Understand how lenders evaluate the credit of unmarried applicants by using the lower of the two median scores, and the strategic implications of having one or both partners on the loan.
Legal Protection: Discover the importance of a cohabitation agreement to clearly define financial responsibilities, ownership stakes, and how assets will be divided in the event of a separation, protecting both partners' investments.

How Should an Unmarried Couple in Las Vegas Take Title?

When you buy a home, you receive a legal document called a 'deed', which proves ownership. How your names are listed on this deed is known as taking 'title'. For unmarried couples in Nevada, the way you take title is a major decision with significant legal and financial consequences. It determines not only your ownership stake but also what happens to the property if one of you passes away or if you decide to part ways. It’s not just a formality; it's the legal foundation of your shared investment. The two most common methods for unmarried couples are 'Joint Tenancy with Right of Survivorship' and 'Tenants in Common'. (The data, information, or policy mentioned here may vary over time.)

Joint Tenancy vs. Tenants in Common: What's the Difference?

Choosing between these two options depends entirely on your long-term intentions and financial arrangement. They offer very different outcomes, especially regarding inheritance.

Couple reviewing legal documents for home ownership.

Joint Tenancy with Right of Survivorship

This is often the default choice for couples who view the property as a single, shared entity. Here’s what it means:

Equal Ownership: Both partners own an equal, undivided 50/50 share of the property, regardless of who contributed more to the down payment or mortgage.
Right of Survivorship: This is the key feature. If one partner passes away, their share of the property automatically transfers to the surviving partner. The property does not go through probate court or get passed to heirs listed in a will. This makes the transfer seamless.
Selling: To sell or refinance the property, both partners must agree and sign the paperwork.

Example: Alex and Bailey buy a condo in Las Vegas for $400,000 as 'Joint Tenants'. Alex contributed $60,000 to the down payment and Bailey contributed $20,000. Despite the unequal contribution, they both own 50% of the property. If Bailey were to pass away, Alex would automatically become the sole owner of the entire condo.

Tenants in Common

This option provides far more flexibility and is ideal for couples who have made unequal financial contributions or wish to keep their assets separate.

Unequal Ownership: You can specify ownership percentages on the title. For instance, Partner A can own 70% and Partner B can own 30%, reflecting their respective contributions to the down payment and ongoing payments.
No Right of Survivorship: If one partner passes away, their ownership share does not automatically go to the other partner. Instead, it is passed on to the heirs named in their will or trust. This is critical if you have children from a previous relationship or want to leave your assets to family.
Flexibility: Each partner can sell, mortgage, or transfer their individual share of the property independently of the other (though this can be complicated in practice).

Example: Chris and Dana buy a house in Henderson as 'Tenants in Common'. Chris put down 75% of the down payment, so they agree to a 75/25 ownership split on the deed. If Chris passes away, their 75% share will go to the person named in their will, not automatically to Dana.

Should Both Names Be on the Mortgage and Deed in Henderson?

Putting both names on the 'deed' (title) is essential for both partners to have legal ownership rights. The question of whose name goes on the 'mortgage' (the loan) is more strategic.

House keys and a small house model representing a home mortgage.

Both on Mortgage and Deed: This is the most common scenario. Lenders will combine your incomes, which can help you qualify for a larger loan. Both partners build credit history, and both are legally responsible for the debt. The downside is that if one partner has a significantly lower credit score, it can negatively impact your interest rate and loan terms.
One on Mortgage, Both on Deed: This can be a strategy if one partner has excellent credit and income to qualify alone, while the other has poor credit. The high-credit partner secures the loan, avoiding the negative impact of the other's score. However, adding the non-borrowing partner to the deed means they have ownership rights without being legally obligated to pay the debt. Lenders may have specific rules about this, and it requires a clear legal agreement between you. (The data, information, or policy mentioned here may vary over time.)

How Lenders Evaluate Unmarried Applicants' Credit

When two unmarried people apply for a mortgage together, lenders don't average your credit scores. Instead, they follow a specific process:

Pull Scores: The lender pulls a credit report for each applicant from all three major bureaus: Equifax, Experian, and TransUnion.
Identify the Median Score: For each applicant, the lender identifies their middle score. For example, if your scores are 720, 740, and 755, your median score is 740.
Use the Lower Score: The lender then takes the lower of the two applicants' median scores to underwrite the loan. This single score, known as the 'representative' credit score, determines your eligibility and interest rate.

Example: Jamie's median score is 780. Taylor's median score is 690. The lender will use 690 to qualify them for their mortgage in Las Vegas. Even though Jamie's score is excellent, Taylor's score dictates the terms of the loan. (The data, information, or policy mentioned here may vary over time.)

What is a Cohabitation Agreement and Why Do You Need One?

A cohabitation agreement is a legal contract for unmarried couples living together. It’s like a prenuptial agreement for homeowners. While it might feel unromantic, it is a crucial business decision that protects both of you by clearly defining your financial arrangement before any issues arise. It is far cheaper and less stressful than litigating a dispute later.

Your agreement should outline:

Ownership Stakes: Specify if you are 50/50 owners or have different percentages based on contributions.
Financial Responsibilities: Who pays what percentage of the mortgage, property taxes, insurance, utilities, and maintenance?
Separation Plan: How will the property be handled if you break up? Will one person have the first option to buy the other out? How will the buyout price be determined? How long do they have to secure financing?
Sale Proceeds: How will the profits (or loss) be divided upon selling the house? Will you first be reimbursed for your initial down payment contributions?

How Are Assets Divided if You Split Up?

Without a cohabitation agreement, asset division can become contentious. The default legal framework depends on how you took title.

With Joint Tenancy: The law presumes a 50/50 split of the equity, regardless of who paid more. Arguing for a different split would require going to court, which is expensive and uncertain.
With Tenants in Common: The division is based on the ownership percentages listed on the deed. If you are titled as 70/30 owners, the net proceeds from a sale will be split 70/30 after the mortgage and closing costs are paid.

A strong cohabitation agreement overrides these defaults and provides a clear, mutually agreed-upon roadmap, saving you from a costly legal battle.

Can We Use Gift Funds From Both Families for a Down Payment?

Yes, absolutely. Lenders allow down payment funds to come as gifts from family members, but they require strict documentation to ensure it's not a loan in disguise.

Here’s what you’ll need:

A Mortgage Gift Letter: Each person providing a gift must sign a letter stating their name, relationship to you, the gift amount, and a clear declaration that the money is a gift with no expectation of repayment.
Proof of Funds: You'll need to provide bank statements from the gift giver showing they have the funds, as well as a paper trail showing the money being transferred from their account into yours.

Lenders have no issue with gifts coming from both partners' families. As long as each gift is documented correctly, it can be combined and used toward your down payment and closing costs. (The data, information, or policy mentioned here may vary over time.) Planning your home purchase as an unmarried couple requires careful financial and legal strategy. Discuss your specific situation with a mortgage advisor to ensure your application is structured for success and both partners are protected from the outset.

Feeling prepared to move forward with your partner? A well-planned mortgage strategy is the key to a successful home purchase. Apply now to see what you qualify for and get expert guidance tailored to your unique financial situation as a couple.

Author Bio

David Ghazaryan is the expert mortgage strategist and founder behind iQRATE Mortgages. With a mission to fund home loans that traditional banks won't touch, David specializes in helping clients with unique financial situations, including those recovering from foreclosure or bankruptcy. He expertly crafts smart, strategic, and stress-free mortgages by leveraging a vast network of over 100 lenders to secure competitive rates for investors and homebuyers alike. Praised for exceptional customer service, David has helped hundreds of families with a 97% satisfaction rate, guiding them to the mortgage they deserve.