If I can answer any specific questions you have about how the process works feel free to post back here or give me a call.
To answer directly, Yes, you may have your brother sign with you; and No he does not have to live in the home. Understand that if your brother signs with you, he will have that loan on his record as well; and may not qualify if he wants to purchase later. If that is not a problem for him, then you will be fine. Your responsibility to make payments on time is important also to his credit , as it will reflect on it as well. I live and work in your area and would be happy to meet with you if you are interviewing agents! Please give me a call.
Prudential CA Realty
As Michael said, this has nothing to do with "law". It has EVERYTHING to do with buying a property with someone else in order to qualify with both incomes and both debts. You will both be on title and on the mortgage together.
Best of luck,
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. There is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
888-391-5245 Direct Cell
Additional documents are required to answer your question(s). Seems that you have done your research to find out your qualification upto 70% sofar. However, it would be the best to have loan documents ready in hand and contact loan officer and arrange an consultation. Prior to the consultation, please write down list of all questions you have. I can recommend few loan professionals including Brian Kim at BofA at 714 724 0900. You can work with lender of your choice. However, you will find overwhelming answers to your questions with one phone call. For real estate consultations, please do not hesitate to call me directly. Thank you. Shannon Sung / Coldwell Banker Best Realty 714 878 2335 firstname.lastname@example.org
Yes, you and your brother can apply for a loan to buy a bigger home and use your combined income to qualify. The current laws do allow this type of arrangement. Talk to a lender about the conditions - much depends on your income, assets, debts, and credit scores (FICO) - and the amount you have for a down payment. You may also have to have your current home sold by the close of escrow on your new home in order to qualify. For more on that scenario read this little article: http://www.whatagentsfeartellingyou.com/growing-pains-got-yo
I can highly recommend Janice Eckles with Met Life Home loans 949-275-3005 for all your financing questions.
Hope that helps!
Leslie Eskildsen, Realtor
Altera Real Estate
As seen in the Orange County Register: http://www.ocregister.com/articles/mumbo-263352-jargon-jumbo.html
For any other questions or second banker, if you need, let me know and I'll help you.