Home Buying in 14450>Question Details

LOOKING2BUY, Other/Just Looking in 14450

OK SO HE CAN CLEAN UP HIS CREDIT BY DELETING NEGATIVES ITEMS... BUT IF I GO FOR A MORTGAGE WITHOUT HIM ON IT

Asked by LOOKING2BUY, 14450 Wed Jul 8, 2009

.. .CAN I COUNT HIM AS INCOME WHEN I APPLY?? I KNOW THERE ARE PROGRAMS/GRANTS FOR SINGLE MOTHERS. I JUST WANT TO TO THE BEST THING POSSIBLE

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You need to talk to a local lender who is going to give you an idea of what you can afford based upon income, credit history, down payment. If another adult name will be on the deed, they too will have to go through the same scrutiny. The best think possible is to put yourself and your family in the best financial situation possible when purchasing a home. That may mean leaving the other person off the mortgage and getting something you can afford without the other person's income.

Never rely on someone else to pay our mortgage or other bills unless you are already married. Remember the saying one for all and all for one! You apply as two individuals but the bank counts it as one loan both of you will be responsible for.

Also always consult your financial adviser and attorney on such matters.

If you need further questions answered regarding real estate or otherwise feel free to contact me.
0 votes Thank Flag Link Tue Aug 14, 2012
Ok single mother, if your boyfriend has bad credit you don't want him on the mortgage and really think about him (as a mother) being on the deed either. You cannot count on his income for the mortgage qualification. Get in touch with a broker who really cares about your person or get in touch with an attorney. You question is too open ended and we do not have enough info from you to give you good advice.
0 votes Thank Flag Link Thu Aug 9, 2012
In order to consider the income of an applicant, lenders also must consider the credit scores and history of that applicant as well. You can't pick and choose, and a bank uses the LOWER of each applicant's credit scores when detemining qualifications,rates,etc.
0 votes Thank Flag Link Wed Jul 8, 2009
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