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02-08-2008, 10:30 PM
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Humanitarian Vigilante
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Join Date: Jan 2008
Location: Broward County
2,080 posts, read 1,720,802 times
Reputation: 562
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loan pre-approval amount by myself or with girlfriend who has foreclosure ?
My girlfriend is going through a foreclosure right now as we speak..she just missed her first payment. The condo she lived in went Section 8, the HOA fee's increased and they miscalculated the taxes...payments went up 500/month and the place is turning into a ghetto.
Her score right now is a 700....obviousely it will change soon and it will plummet to a 400 after the foreclosure. She makes 35-40K a year. Her debt is only 430/month (car only)
I was planning to purchase a house in a couple of months..... I grossed 91k last year and my debt is only 460/month (car only) and my fico is 680.
This is my question.....I was planning to only use my income and credit for qualifications purpose since my girl's credit will be ruined. BUT.....can I just use her for income purposes since our combined income will mean a higher loan amount ? I do not want her on the title.....and I don't want to use her credit...just her income to help me get a higher loan. Can this be done?
Thanks !
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02-08-2008, 10:37 PM
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Eternal Member
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Join Date: Feb 2008
Location: CNJ/NYC
1,227 posts, read 920,220 times
Reputation: 297
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Quote:
Originally Posted by heydade
My girlfriend is going through a foreclosure right now as we speak..she just missed her first payment. The condo she lived in went Section 8, the HOA fee's increased and they miscalculated the taxes...payments went up 500/month and the place is turning into a ghetto.
Her score right now is a 700....obviousely it will change soon and it will plummet to a 400 after the foreclosure. She makes 35-40K a year. Her debt is only 430/month (car only)
I was planning to purchase a house in a couple of months..... I grossed 91k last year and my debt is only 460/month (car only) and my fico is 680.
This is my question.....I was planning to only use my income and credit for qualifications purpose since my girl's credit will be ruined. BUT.....can I just use her for income purposes since our combined income will mean a higher loan amount ? I do not want her on the title.....and I don't want to use her credit...just her income to help me get a higher loan. Can this be done?
Thanks !
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If you use her income you will have to use her credit. Whether she is on the title or not she is still responsible for the money borrowed by being a co-borrower... and if she's in foreclosure now I would not use her.
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02-08-2008, 10:45 PM
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Humanitarian Vigilante
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Join Date: Jan 2008
Location: Broward County
2,080 posts, read 1,720,802 times
Reputation: 562
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understood. But on the applications they sometimes ask you what is your household income. If she is technically a roomate since we are not married, can I not claim her as income from other sources (ie roomate) ??
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02-08-2008, 10:53 PM
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Eternal Member
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Join Date: Feb 2008
Location: CNJ/NYC
1,227 posts, read 920,220 times
Reputation: 297
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Quote:
Originally Posted by heydade
understood. But on the applications they sometimes ask you what is your household income. If she is technically a roomate since we are not married, can I not claim her as income from other sources (ie roomate) ??
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"Household" income on a mortgage application? Not on any I've seen. On credit card applications, yes.
Mortgage is about those people specifically responsible for the loaned money. These people are named, researched and obligated. |
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02-09-2008, 06:29 AM
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Come visit the "Today's Question"
Status:
"It's the most wonderful time of the year"
(set 8 days ago)
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Join Date: Aug 2006
Location: NE Florida
12,257 posts, read 7,391,643 times
Reputation: 19607
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Quote:
Originally Posted by heydade
BUT.....can I just use her for income purposes since our combined income will mean a higher loan amount ? I do not want her on the title.....and I don't want to use her credit...just her income to help me get a higher loan. Can this be done?
Thanks !
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You want to use her income to get a higher mortgage which will make her responsible for the loan yet you do not want her on the title and she is ok with this ?
Maybe one one of the Mortgage guys like twilomike can answer if it is even possible to have someone on the loan but not the deed . |
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02-09-2008, 10:02 AM
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Sr of Srs
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Join Date: Jul 2007
Location: Charlotte, North Carolina
5,120 posts, read 3,713,975 times
Reputation: 673
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it is possible....you can find a lender that is willing to do this...or you can try to quick claim after.
FHA allows non-occupant coborrowers.....
Something tells me that you guys bought the first home together.
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02-09-2008, 10:52 AM
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Eternal Member
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Join Date: Feb 2008
Location: CNJ/NYC
1,227 posts, read 920,220 times
Reputation: 297
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Quote:
Originally Posted by Karla with a K
You want to use her income to get a higher mortgage which will make her responsible for the loan yet you do not want her on the title and she is ok with this ?
Maybe one one of the Mortgage guys like twilomike can answer if it is even possible to have someone on the loan but not the deed .
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renriq02 laid it out as is.  |
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02-10-2008, 05:50 AM
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Come visit the "Today's Question"
Status:
"It's the most wonderful time of the year"
(set 8 days ago)
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Join Date: Aug 2006
Location: NE Florida
12,257 posts, read 7,391,643 times
Reputation: 19607
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thanks as usual reniq02 |
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