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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Sheila Siegel’s answer
Sheila Siegel, Agent, Santa Barbara, CA
Sat Jul 7, 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.
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Jeff Bochsler, , 93108
Mon Aug 19, 2013
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
Patrick & Na…, Agent, Santa Barbara, CA
Fri Sep 14, 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
Summer Knight, Agent, Santa Barbara, CA
Sun Jul 8, 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.
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Stephen Down…, Agent, Montecito, CA
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
Darrell D. D…, Agent, Schertz, TX
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.
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