Is there any way to add another person's income in a mortgage application without them being a co-applicant?

Question

Hello...
I will be prequalifying for a mortgage in February. I have very good credit but don't make enough money for me to qualify for the mortgage amount I want. The person that will be living with me and helping to pay the mortgage has terrible credit, but if we could combine our incomes we could get the house we want. Is there any way of having both incomes and only my credit considered? The other person is not a spouse and I am planning on applying with Bank of America. Maybe someone who was in the same situation can help. Thanks in advance

Answer 1

only MyCommunity mortgage allows this. it's a government program.
it's called boarder income, but you will need to show proof that the person has been paying rent. you will need to show the last 12months checks to the mortgage company or rental place

Answer 2

NO , you can't include income from someone Not on the app .
In order to qualify that income , the person needs to assume the debt obligation also , which means they have to sign their name to the loan contract .

What you are perhaps thinking of are the 'stated income' or 'no documentation' loans ,
Those lenders are in bankruptcy , an not many of the ones left standing are crazy enough to bite into that again .

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Answer 3

If you cannot afford the house-don't buy it! This is a time to put your needs vs. wants into check. There's a reason why they don't approve loans without seeing the income first...

Answer 4

Talk to your BofA loan officer. I think that some of their programs don't pay much attention to the co-borrower credit.

Remember, the loan officer is on your side. Their job is to put you in the best loan for you and present that loan to underwriting.

Good Luck!!

Answer 5

Short answer...nope.

When you submit someone's income, you must also submit their name as an applicant and their credit must be pulled.