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I own two homes - one that I live in and the second my son lives in. I am looking to sell mine and purchase another. For purposes of qualifying for a mortgage will they consider the taxes, insurance and HOA fees on the home my son lives in as part of my debt even though he pays for that. We have no formal lease or anything like that. Thanks.
OP, I hope you have been reading around this section. If so, you will have caught on that underwriting guidelines are continuing to tighten. If you had a conversation with a loan officer 3 or 4 weeks ago, you may want to check back in to see if there have been any changes.
Some of you may ask, well, why doesn't the loan officer contact me and alert me of changes? Many times when we don't hear back from a buyer and we think we've been ghosted. In another year when borrowers were scarce, maybe a quick email blast to all those I was working with providing updates. But in the past year or so all anyone cares about is rate, so those warning emails and calls go out to a smallish (loyal) circle (and here). My favorite is the person that called me all weekend up until 10 PM, then they dropped off the face of the earth for 5 days, despite my emails and calls. When they finally call back (because they found that low rate at ABC Lender was nothing but a shell game), they are upset I can no longer accept their credit score.
(Lol, sorry, my point) OP, figure out who you will be working with and keep in close contact in our ever-changing world. It is markets like this where information can be more valuable than 1/2 point or .125% in rate.
There is a work around for this. If you have a mortgage on the house that your son lives in and taxes/insurance are escrowed then all you need to provide is proof (like 12 months bank statements) that your son makes the mortgage payment and it can be omitted from your DTI; if it is causing an hindrance for qualifying purpose.
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That will be considered part of your debt
