Home Buying in Lakewood>Question Details

Lynthib1962, Home Buyer in Lakewood, CA

Can i buy a house with me andmy mom income. And her name not be on the mortgage

Asked by Lynthib1962, Lakewood, CA Sat Oct 26, 2013

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Answers

9
Probably not. In order to qualify for a mortgage you need to show enough income, after expenses, to pay the payment. If you cannot qualify, you can add your mom to the mortgage, but then this would be included in her credit profile as a debt.

For certain types of loans, your mom can "gift" you money to increase the down payment. That might lower your mortgage so you can qualify by yourself.

Speak with the Loan Officer at a bank or mortgage broker for help in understanding your situation. If you contact me I can refer you to a good lender.
1 vote Thank Flag Link Sat Oct 26, 2013
Hello Lyn,

If you are using your mother's income to help you qualify she will have to be on the loan too.

Your mam can GIVE you down payment help, and not be on the loan, but if you ue her income to qualify she will have to be on the loan.


I wish you the best!

Kawain Payne, Realtor
0 votes Thank Flag Link Tue Dec 3, 2013
You cannot use your mother's income to qualify for the home loan if she is not included in the
mortgage. She can hlep you by giving a monetary gift towards the downpayment..
0 votes Thank Flag Link Tue Oct 29, 2013
Hi Lynthib,

Your mom would have to be on the mortgage if you want to include her income for qualifying purposes.

Regarding the IRS, if your mom has an installment agreement with the IRS that would be acceptable.

Regarding her credit, well, it depends on her credit score and whether or not she has 30 or more days delinquent on any account within the last 12 months. With FHA your credit score can be as low as 500 and you have no late payments within the last 12 months. Also, if your score is below 580, you would have to put 10% down.

Best regards,

Elva A. Wormley
Mortgage Consultant
(408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / DRE #01274093
0 votes Thank Flag Link Sun Oct 27, 2013
No, she will have to be on the loan
0 votes Thank Flag Link Sun Oct 27, 2013
Hi lynthib

as far question she would have to be on the loan and title.

Omar Khamisa
Mortgage Loan Manager
Omar@MSJMortgage.com
NMLS#: 369325
Cell: 510-648-5535
Web Reference: http://msjmortgage.com
0 votes Thank Flag Link Sat Oct 26, 2013
If you want to include her income she needs to be on the loan.
0 votes Thank Flag Link Sat Oct 26, 2013
No. If you are using her income then she must be on the mortgage.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Sat Oct 26, 2013
Unless you qualify for the mortgage on your own, your Mom will need to be on the mortgage.
0 votes Thank Flag Link Sat Oct 26, 2013
I have the same issues, my parent's credit are bad but they both make good money and what I want to know is that if we're able to buy a house!!!
Flag Wed May 21, 2014
My mom credit is bad she make good money. Sense she e owe the IRS would they put a lean on the house that was my concern?
Flag Sat Oct 26, 2013
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