My boyfriend and i are going to be engaged and married within the next two years and we plan on buying a house. First off, I cannot be on the house loan because of bankruptcy within the last two years. But he has good credit, he has a car loan paid off, and he has only worked at his job for about 90 days though. He has no debt and he can afford an 87000 home on his own effort. But what my questions are, first off, how likely is it that he can even get a home loan being hes only worked at his job for 90x, but has done the same kind of work in two jobs in the last 6 years. And two, i am going to be helping him pay for the house, and i make as much as he does, can he consider my income extra income to boost his affordability of a house?
2007-09-11 11:45:27 · 3 answers · asked by magickitty0621 3 in Business & Finance ➔ Renting & Real Estate
no worries...look at the FHA mortgage.
Bankruptcy needs to be discharged 1yr from mortgage application...start rebuilding your credit...and if you have a strong 12month history then you will have no problem being on the loan.
also, if he is paid hourly ...40hours a week...then he needs a letter from his boss, and it should be fine.
if he is paid commissions, bonuses, overtime, per job...then you might have a problem
2007-09-11 13:03:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you want your income considered ,
You must be on the mortgage application .
The lenders who did 'stated income' & 'no documentation' loans are mostly in bankruptcy themselves .
When you get married in 2 years , he will have a longer job history .
That should also give you time to save the 20% down so your income won't be so necessary .
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2007-09-11 11:53:43 · answer #2 · answered by kate 7 · 0⤊ 0⤋
Check with a mortgage broker.
I don't he can include your income unless he also inculdes your credit and you are both on the loan.
A quality broker can answer your question quickly and there is no cost.
2007-09-11 11:50:27 · answer #3 · answered by Tim 7 · 0⤊ 0⤋