when applying for a mortgage do all incomes need to be reported?

Question

I am a single mother, who is engaged to married, I am looking to apply for a mortgage, what i am curious about is if both my fiancee and myself need to report our incomes in the application. He does not have steady employment. Any ideas?

Answer 1

if he is just the co-borrower than you do not have to use his income. the thing is if both of you are on the loan both of your debts will be taken into account for the debt to income ratio. the lower your debt to ratio income is the better. if you are doing a stated loan then they state his income and he just have to prove that he is employeed and has been for 2 years. if he has not been employeed with the same company he needs to prove that he was in the same line of work for the past 2 years. if you are not going to use his income it may be better to not have him on the loan at all that way your debt to income ratio will not be higher than it should be. you can always have him on title but just have the loan in your name.

Answer 2

You can buy the home yourself without his income and without his name on the house at all. Until you are married he would be a roommate, if you decide not to marry you would keep the house. If you buy it with him and breakup it would be very expensive to change the mortgage and ownership and you may have to sell to split equity. If he has income from self employment he can use stated income.

Answer 3

you report all income that you want to be concidered to pay back the money --

but if he doesnt have a steady income, why bite off more than you can chew ? thats only asking for heartache and financial burndens .

you should really work on getting all your priorities in a row before taking the big leap

Answer 4

the real question your asking is will you be authorized on your very own loan, and that query can merely be replied with the aid of the underwriter. i won't be able to communicate on your underwriter, yet once you have utilized for an FHA mortage: FHA does not require that series bills be paid off as a project of non-public loan approval. Collections and judgments point out a borrower's regard for credit responsibilities and could be seen in the prognosis of creditworthiness with the lender documenting its reasons for approving a private loan the place the borrower has series bills or judgments. The borrower ought to describe in writing all collections and judgments. while examining a borrower's credit historic previous, learn the final development of credit habit, somewhat than remoted occurrences of unsatisfactory or slow money. A era of economic difficulty in the previous does not unavoidably make the possibility unacceptable if the borrower has maintained a solid charge record for a substantial term because of the fact the difficulty. while delinquent bills are revealed, the lender ought to record their prognosis to whether the late money have been according to a push aside for economic responsibilities, an lack of ability to regulate debt, or components previous the administration of the borrower, inclusive of not on time mail delivery or disputes with lenders. whilst minor derogatory information occurring 2 or extra years in the previous does not require clarification, important warning indicators of derogatory credit-inclusive of judgments, collections, and the different recent credit issues-require sufficient written clarification from the borrower. The borrower's clarification ought to make experience and be consistent with different credit information in the record.

Answer 5

If the mortgage is in your name you dont have to report his, but if you both plan on having your name on the mortgage it may be a good idea.

Answer 6

The only income that is required to be reported is that of those who sign the Promissory Note and will appear on the title to the proprty.

If your fiance will not be co-borrowing with you his income cannot be counted.

Answer 7

Well if you are the primary wage earner and your debt to income ratio isn't too high, it really shouldn't be a problem. Any income you can prove helps though, unless his debt outweighs his income.

Answer 8

I think I would try to buy it in my name only if you can afford it just in case you don't get married. Talk to a loan officer to get specific details about your situation. No steady employment is a bad sign.

Answer 9

It's best to report as much income as you can especially if you have any debts. This will improve your debt to income ratio

Answer 10

Talk to your mortgage broker.