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Old 09-05-2013, 08:14 AM
Location: The Berk in Denver, CO USA
13,299 posts, read 18,987,670 times
Reputation: 20772


Fiancée and not Fiance
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Old 09-05-2013, 10:59 AM
3,342 posts, read 7,327,633 times
Reputation: 4129
Originally Posted by room7 View Post
Im not too concerned about the Cosigning but understand your points.

Side business for less then a year. About $1200/month right now, estimating about $2000/mo at the end of the year. Net profit for 2012 was $2800, that was after 4months. That what I meant by $15k as a Net Profit for the side business. (I do Tax and accounting work, I should probably know a little more about my own question but just like to have as much info as possible)

House rental will about break even for mortgage and property tax. Mortgage/HOA/PropertyTax is about $2550, rent is $2500

As for your monthly takehome equation I would conservatively estimate Take home $14500 divided by 2 (WHY?) = $7250. Minus existing home payments -2550 = $4700 - 2000 Monthly expenses (CC Bills, Cellphone, insurance, food, utilities, entertainment) = $2700

So you are saying we could probably get approved for a loan where our payment would be $2700/month?
Side business income cannot be included at all (not long enough). Rental income cannot be counted at all (until next year, IF you claim it on your taxes this year, and then not 100% of it). Take-home doesn't matter. Gross income, monthly. Bills that count against your debt ratio are not insurance, food and utilities, or cell phone. Only stuff on the credit report: loans, car payments, school loans, credit cards.
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Old 09-08-2013, 11:01 PM
Location: NC
502 posts, read 658,530 times
Reputation: 1117
You make over $160,000 a year combined. Why in the world would you want to tie up your parents money and make them responsible for your life by asking them to co-sign? You don't need it. To do so would be incredible selfish. Unless they are just rolling in the money, you shouldn't ask this of them. If they do have that much money, you'd probably be better off just borrowing the money from them in the first place.

If you can't qualify for the house you want because you already owe $350,000 then sell the house. If your parents want to let you collect the rent, I suppose that is up to them.
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Old 09-08-2013, 11:04 PM
Location: Texas
42,419 posts, read 50,257,144 times
Reputation: 67556
Get married first.
Your debt to income ratio sucks.
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