Jaime,

Bob is right. A co-borrower would likely help if they don't have super high debt ratios themselves.

As for the tax credit. There are phone numbers on the irs.gov website. I hear that they are helpful!!

Jaime,

Assuming you qualify for the loan with your co-borrower, you could be eligible for the credit.

If an unmarried couple jointly buys a home, and one person owned a home within 3 years and the other did not, they can “designate” the tax credit to that person who will be able to claim it on their individual tax return. This rule also applies for parents who co-sign on a mortgage. While the parents own a home the child is a FTHB, who can claim the tax credit.

That being said, contact your CPA or tax preparer to make sure you have all of the requirements to qualify.

hi.........getting someone else as a buyer that would live in the home with you would not be a co-signer, they would be a co-borrower.....i can't answer your question, because the new math problem would then take into consideration your income, and the other person's income and the new debt ratio....also. if the other buyer makes more money than you, you would then be the co-borrower and he/she would be the borrower....lastly.......if you hve revolving debt that is taking your dti too high..credit card debt is very expensive.consider getting a gift from a direct realtive to pay down a credit card..a small cc balance can have a big difference in your overall cashflow.best regrads.bob mclure- success mortgage partners- plymouth, michigan....