Trying to get a loan, need help answering a few questions...

Asked by Tiffany, Mon Aug 20, 2012

My boyfriend and I are trying to apply for a home loan. I am in my late 20's and my boyfriend and I have been together for 10 years but do not wish to ever get married. I am in the Bay Area where home prices are out of control but I have saved 25k and I have near perfect credit. Never had debt in my life and pay everything either on time or if it is a credit card, I charge my card one day and two days later log online and pay it off so as to never let the debt sit too long. I had a 780 last I checked 6 months ago. My boyfriend on the other hand has no credit but no debt, just nothing. We just got him a credit card 2 months ago but I know it takes a year in some cases to start building a score. I want to include both of our incomes in the loan pre-approval process but I don't know how much trouble his credit or lack of credit will be if my credit is perfect. what should I expect with the loan? I have to wait something like 2-3 weeks for the LO to get back to me, that is why I am asking

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11
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Tue Aug 21, 2012
FHA only way to use BFs income.
Cgravelle@diversifiedmg.com
0 votes
Tiffany, ,
Tue Aug 21, 2012
And I am trying for an FHA Loan but asked the LO to advise me of other loans if he thought something else would be a better fit. Haven't heard from him, I applied 8/2 online and sent all my docs, w2, tax returns, bank statements etc on 8/6, he has everything. I am getting pretty irritated at this point.
0 votes
Tiffany, ,
Tue Aug 21, 2012
Wow, some great info here. Looks like I may reach out to some of you later today. Claudia, Robert and Terry, thank you so much! Claudia, I will figure out how to email you, this is my first time using this site.
0 votes
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Mon Aug 20, 2012
Tiffany this will work on an FHA loan.
0 votes
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Mon Aug 20, 2012
Tiffany You are in the Bay Area.
You should not have to wait 2-3 weeks for an answer to this question. No one is that busy.
If you would like, email me I have some detailed questions to ask you.
I have been a mortgage banker for 20 years. It is all I do. I can get you good answers quickly, but need a little more information. cg
0 votes
Robert Chome…, , San Diego, CA
Mon Aug 20, 2012
What purchase are your looking at? We can approve loans as long as 1 borrower has credit scores. It's OK if your boyfriend does not.
0 votes
Terry Farnsw…, Agent, Lisle, IL
Mon Aug 20, 2012
Tiffany,

I work with a lot of buyer clients in your situation. Your answer will really depend on your boyfriend's credit score. Banks/mortgage brokers generally don't take an "average" of the score if two people apply jointly......they will generally take the lower of the two scores, which I'm guessing is your boyfriend's. If your boyfriend has truly never had any accounts or debt whatsoever reportable to the credit bureaus, then he theoretically would have no score or a score of 0. I will also add, I'm not a mortgage broker, so don't quote me on this however. Without a credit score of any kind, I'm doubting the loan would be approved - since generally there are minimum scores that must be met.

Your other option, would be for you to apply solely for the loan, without your boyfriend. This would of course reduce your purchasing power, since you wouldn't be able to include your boyfriend's income in consideration for the loan.

Hope this helps!
0 votes
Tiffany, ,
Mon Aug 20, 2012
Scott, I am already doing that, like I mentioned, it is going to take a couple of weeks since in the bay area, the market is getting really hot here and a lot of people are now trying to buy. Just hoping to get a little insight here so that I know what to expect. I don't expect to get an answer here that I will treat as words from the bible, just a little insight, perhaps what others have experienced. This is my part of the due dilligence of not JUST listening to a Loan Officer. Your answer is useless to me, don't bother next time.
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Tiffany, ,
Mon Aug 20, 2012
Thanks Ron. Is Dominic a Loan Officer or just in the financial business generally?
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Aug 20, 2012
Your best bet is to meet with a local and trusted loan officer who can prequailify you by looking at your credit and financials. Anyone else is just guessing.
0 votes
Ron Thomas, Agent, Fresno, CA
Mon Aug 20, 2012
I have agood contact up there:
Dominic Silvestri
925-260-4894
Many years experience and Integrity too.
I wish I could help you further.

Good luck and may God bless
0 votes
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