Financing in Columbus>Question Details

Kaylee Schanz, Other/Just Looking in

Is there any way to significantly increase the amount that a financer will give you toward the purchase of a home?

Asked by Kaylee Schanz, Mon Feb 6, 2012

My husband and I are looking to buy a house in Columbus, OH. I am working full-time and my husband is going to Law School full-time. We currently pay $800 a month in rent and would like to purchase a house with a mortgage rate in the same range as our current rent. We were recently pre-approved to buy a house with a very low borrowing range because they only looked at my income to debt ratio. Is there a way to have them factor in my husbands scholarship and loan contributions to our household income? We have great credit scores and I am currently paying back my student loans. Could we have our parents co-sign on the loan to increase the loan amount? Any help offered would be greatly appreciated. Thanks!

Help the community by answering this question:


Hi Kaylee,

Underwriting guidelines will not allow you to "include" your husbands student loans as income so you'll need to come up with some other options.

One way is a consignor and another one that may help is to defer your student loans depending how much your monthly payment are.

You should also look at the rate and terms on your approval. For example: You may want to look at an FHA 5/1 ARM due to the lower start rate.
0 votes Thank Flag Link Tue Feb 7, 2012
Kaylee, verify everything with a reputable/qualified loan officer, or agent to refer you to a loan officer. Yes there are ways to increase your buying power like parent co-signers, however, their credit and debts will be counted as well. Best to look at FHA or VA if you or husband are veterans. Many areas offer special financing to certain locales, and certain qualifications with buyers.

If traditional methods are not working look into owner finane properties where the owner becomes your lender.

Best of luck,

0 votes Thank Flag Link Mon Feb 6, 2012
Kaylee - Ask your loan officer/mortgage person the above. They are the ones who can get creative with your financing.
0 votes Thank Flag Link Mon Feb 6, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer