I totally agree with the first answer you were provided. The total income would be considered. Also, what you would qualify for also depends on the tyoe of mortgage you you get--coventional, FHA, USDA,VA. All of these have differing guidelines and that is why you need to talk to a mortgage loan officer to go over everything. They can give you a very accurate picture of your finacial situation and what you would qualify for--including qualifying on your own or with your boyfriend.
I am in the Rochester area. Give me a call. 585-633-1759. Ken... more
The first thing I'll say is that almost always, the organization who will give you the grant, uses not just your income, but the entire household income to qualify. I'm sure you'll need to check if you and your boyfriend's income would work. The second thing is that you really cannot go by calculators and other things you do independently to see how much you would qualify. You will have to sit or speak with a Loan Officer and go over all the necessary documentation so that he/she can determine what you qualify for. The income requirements for grants is one thing, but how much that income allows you to qualify for is another. Most of these grants will have an effect as to how much you'll be able to qualify for. For example, if a lender pre-approves you for a $150,000 purchase, the grants program have their own requirements which always result in you qualifying for less than what the lender is willing to. The grant program almost always have a list of lenders they work with, and sometimes you can not be eligible for a grant if you do not obtain your loan from one of those lenders. There are a bunch of things here that need to be considered. Find out more details on the grant and if you are restricted to a specific loan program or lender. This will dictate a lot. Good luck!
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Buyers agents are usually paid by the seller at closing and that amount is set by the seller at the time of the listing. What a buyer can control is hiring an agent who offers REBATES to the buyer from the amount they are paid by the seller.
In NEW YORK, agent rebates to buyers are perfectly legal, but you need to shop around to find a buyer who will agree to pay you a rebate. One brokerage that does pay rebates is WILBROOKE REALTY, LLC.
You can find them at www.wilbrooke.com. They pay 25% rebates to their buyer clients and they work in the ROCHESTER/FINGER LAKES area. Call them at 585 703-4856 if you are buying a home and want full service with a 25% rebate.... more