Home Buying in Chula Vista>Question Details

Jessica, Home Buyer in Chula Vista, CA

How to get approved if 1 person applies for the loan...?

Asked by Jessica, Chula Vista, CA Thu Jul 10, 2008

I am currently going through foreclosure and currently do not have the best credit. My fiance has perfect credit (he's a co-signer for 2 other home loans that are currently being rented out but has no other debt), however, and is trying to get approved for a loan. Because of my situation, I cannot co-sign with him. He's afraid that he won't get approved based on his income alone...is there a way to get a loan based on his credit but still have my income as a factor to help him out as well?

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Depending on his debt ratio alone, it could be used as a compensating factor for approval. Is he trying to buy your home from you as his primary residence? FHA would be a good route to go one that because, even though they have a standard low debt-to-income ratio, an underwriter could use your income as the compensating factor. I actually just closed a purchase loan for my brother who is engaged and it worked well for him. On paper he had a back end 56% DTI but I sent in paystubs for his fiance who was not on the loan (or title) and it helped his approval.

Luke Allison
Flagstar Bank
0 votes Thank Flag Link Fri Jul 11, 2008
A good person for you to talk to about this is Marie Richarz of Metrocities Mortgage. Her email address is mricharz@metrocitiesmtg.com
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Thu Jul 10, 2008
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