Please Help!
My fiance and I are looking to purchase a home. I have an "okay" credit score. Looking to get a FHA or USDA home loan. If I get the loan in my name only, can I use his income? We have two children and have lived together for almost 4 years. Location, Iowa. I do home daycare and right now have a low income until I get into a bigger home to watch more children. If not, could we do that if we were married? Please help! by hawkey_571_186 from Grand Island, Nebraska. Oct 21st 2012
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
you can both be on the loan, i just do separate applications since you are not married yet.. then i can use both credit scores and income for the both of you.. FHA , REQUIRES a 3.5% down payment, which can be gifted funds from parents, siblings, etcUSDA requires to buy a home in their desginated area, which is easy to find... are you moving to IOWA? YOUR email states NE.. LINDA my email is yourloanpartnerforlife@live.com HAVE you ever bought a home before???
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
we need to look at his credit... its still workable with that score... it will depend whats on the report...
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
banks have their own guildines, and are very strict... i can lend in iowa, but with back child support that is going to be a issue...
Do you think you can help? Would there be any way for it to happen? Is there anyway for me to claim child support (not court ordered). We have a joint bank account, all monies are deposited in it. Could I have my fiance' sign a paper stating that such amount is soley mine reasons of child support and claim that as income? My income now is less than 600/month, we do live together and he has the income. That is why I dont know if I would qualify for a loan with that little income and is not verifiable, especially for two years. The child support if I could claim I can relate to 3 years. and will continue for 17 years (not court ordered) like I stated. Thanks for all your help! I cant find anyone locally to help!
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
child support has to be for your children, if the parent of that child is not caring for that child... example, divorce , separation, not child support from the father that is the father that lives with all of you..
Greg Gruenwald (GregG@888GREG1ST.COM)
#40 ranked lender in Illinois - 9 contributions
Hello Hawkey...No. If a person is not on the application, then their income cannot be used. My suggestion? Contact me! Perhaps you will be surprised! Maybe your fiance has better credit than you think...I will guide you on that process and suggest ways it can be improved. Also, if the situation remains as you present it, there are a couple of other non-purchase ideas...meaning where no mortgage would be involved now...that would benefit you tremendously in the future.Looking forward to hearing from you.Greg GruenwaldThe Federal Savings BankNaperville, IL(We are a federally chartered bank approved in all 50 states.)Phone: 888-GREG-1ST (888-473-4178)e-Mail: GregG@888GREG1ST.COMweb: www.888GREG1ST.COM
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
You can not use his income if he is not going to be on the mortgage.
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
AS I STATED BEFORE , we need to look at your fiances credit report... i have a great source for you that will restore and does not charge a arm and a leg... email me at yourloanpartnerforlife@live.com i worked out a great price for borrowers.. after 25 yrs in this industry , i do have some very good contacts...
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