Financing in 94538>Question Details

Firsttimebuy…, Home Buyer in Palo Alto, CA

Can my fiancee get a mortgage?

Asked by Firsttimebuyer, Palo Alto, CA Mon Jun 21, 2010

My fiancee is purchasing a property. Here is the situation:

-Short sale approved by the bank
-my fiancee having two jobs both of them she has been working for more than 3 years, however on one of her job, the previous lender consider it a temporary job, so declined her mortgage. However, she has been working there for more than 3 years, how do they determine it's a temp job?
-I am giving her all 20% down payment
-the property having an Add-on part attached to the back of the property which containing 1 bed and half bath, and they are non-conforming, also a wall has a hole
which is a shared wall to the addition and the main house.
-I just bought my primary home, but with stable income and salary consider good.

Thanks,

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Another question: where is the property that your fiancee is buying? If it's not in the same city or even the same state as your primary residence, you may want to consider that as your second home if you are on the loan and the title,

But if it's in the same or close to the town where you just bought, then yes, it can't be your primary residence so it will become an investment at your end.

However, at her end or portion of the property, it can be owner-occupied

If you haven't spoken with a mortgage broker/lender yet, that is one of the first things you should do to determine how to classify this purchase. Your lender can answer nearly all your questions.

Good luck!
0 votes Thank Flag Link Mon Jun 21, 2010
1. Unfortunately that would either be considered self-employment income if she's 1099 or considered a statutory employee or if she receives a W2 that is considered a temp job.

2. Yes we can call it storage space but it does depend on the lender and what the appraiser states. Your loan officer would need to put in the order that the nonconforming room is used just for storage.

3. If you were a co-signer you would be considered an non-occupant co-borrower which is permissible on FHA, but some investors still do not allow it. Your lender would need access to an investor that does not have an overlay banning non-occupant co-borrowers.
0 votes Thank Flag Link Mon Jun 21, 2010
Thanks all, You will be a huro to me if you can help.

Gilbert, on 2. The non-permitted room can be seen as a storage room which can solve the problem, right?
4) She has a contract with the college every 6 months, Is that consider a temporary employee?


Pacita, 2) I am not a co-signer, if I co-sign, is this must be a inventment? since I just bought, and how do we add my name to the contract?
5) primary residence
0 votes Thank Flag Link Mon Jun 21, 2010
Well there are some hoops to jump through, especially when there are overlays to certain programs. So here are the answers I can provide:

1. As long as you provide a gift letter and paper trail for the 20% you're giving her that is not an issue.

2. A non-permitted addition can cause one of two problems. The first being it will not be counted in the value of the property and the second a lender may require it to be cured. The case is problem one so if the listing agent counted that in the pricing that will be an issue with any lender.

3. A hole in the wall usually is not a big deal and should easily be fixed depending on the size, but if the bank does not allow it to be repaired before funding it can be an issue.

4. If she is a contract employee on one of the jobs or is employed through a staffing agency they will automatically deem her as a temp. Believe it or not there are temps who work 2-4 years for the same company. The key would be to provide documentation from her job showing she is a permanent employee.

If she's not then she will be considered a temp and that income cannot be used.

It sounds like the property has more issues than your fiancee's financing issues
0 votes Thank Flag Link Mon Jun 21, 2010
Thank you for your question. This is really something that should be discussed face to face with a mortgage broker. We can speculate on what may be best for you in this situation, but you really have to go into a mortgage brokers office with your fiancee and tell him or her about your situation and get their assistance in the application process.
0 votes Thank Flag Link Mon Jun 21, 2010
Several questions here....

1. You're "giving" her 20% down payment. How is this reflected on her bank account?

2. Are you a co-signer on the loan, and will you be on title? If so ---- your own financial situation will be evaluated in terms of whehter or not you can qualify to have two loans. How will you take title (joint tenant? Tenants in common? etc)

3. Is she a contractor for the second job which makes it temporary, or self-employed status

4. How much does she owe (credit cards, auto loans, etc)., What's her credit score? These will play a significant role in getting preapproved.

5. What type of loan?
0 votes Thank Flag Link Mon Jun 21, 2010
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