Home Buying in 93101>Question Details

Allan, Home Buyer in 93101

Is it possible for my fiancé to use my income but not my credit to buy a home?

Asked by Allan, 93101 Sat Jul 7, 2012

I, and I alone, had to short sale my home recently so I cannot buy for another few years. My fiancé has excellent credit but her income alone will not be enough to qualify for the home we want to purchase. Is there any possible way for us to use any part of my income on her application? I am thinking something like potential rental income. Any other legal loopholes?

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Jeff Bochsler’s answer
Allan, I know this is a delayed response, but did want to share some really good news. Within the last month our company is able to lend to those just one day out of a short sale. Traditionally, you would have to wait two years.

If you are looking to get back into the market, I'm here in Santa Barbara and happy to help you look into this option further, line out the details of the program, and help you determine what is the next best step to get you back into owning a home.

Feel free to call me or stop by my office.

Jeff Bochsler
3700 State Street #340
Medallion Mortgage
0 votes Thank Flag Link Mon Aug 19, 2013
Hello Allan, Have you figured out a solution yet? Unfortunately, you are tainted fora bit and can not be in the picture in obtaining home loan financing until 3 years from the short sale close date. I do have a loan program that will allow border income to count your participation as rental income. She will need another co-signor, family or not is allowed. If you have any funds, You can make a gift to her for her down payment and closing costs to proceed faster or you will have to deposit to her bank to be seasoned for a few months. You don't want to be asking for closing costs in this market or your offer will be below the next guy that is paying their own closing costs.

You have to strategize. You will have to have another co-signor with an FHA loan with minimum 580 fico score may qualify for 3.5% down. I only need to ask a few dozen questions to qualify you for the many loan programs I offer and the ones to benefit you the best financially.

I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify if needed. I work directly with the bureaus and can raise fico scores within 3-4 days in most cases.

Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
0 votes Thank Flag Link Fri Nov 23, 2012
It all depends on how the lender could structure your loan. Give Mr. Mario from Chase a call @ 805-938-8275. Have a great day.
0 votes Thank Flag Link Fri Sep 14, 2012
If you are named on the loan, your income and credit score will be taken into account. I would call your loan officer or email me for a referral if you are not working with someone and ask if they can be of any further help.
0 votes Thank Flag Link Sun Jul 8, 2012
Unfortunately, you will poison her financial waters as no conventional lender will ignore anyone's credit history. If you have a lot of cash on hand you could help her increase her down payment to help her qualify by being able to borrow less, but other than that, you are a financial liability to her. You could also consider buying a lower priced home for now until you get back on your financial feet. There is no shame in that and frankly, buying something now at what definitely seems like a market bottom would benefit you in the long run. Consider yourself lucky in your short sale as well, because starting in 2013, any short fall in debt relief will again be a taxable event. So count your blessings, both financially and emotionally.
0 votes Thank Flag Link Sun Jul 8, 2012
I don't see how that's possible. No lender will be able to qualify based on income only. Money in (income) and what you've done with that money (credit and debt) go hand in hand. Good luck.
0 votes Thank Flag Link Sun Jul 8, 2012
You may want to check with private money lenders to see if they will work with you. Generally on conventional or government loans, both your income and credit would be used. They are not exclusive of each other.
0 votes Thank Flag Link Sat Jul 7, 2012
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