What factors do lenders consider when applying for a home loan?
Home Mortgage
anpresco asked:
My boyfriend and I are applying for a home loan. The loan officer wants to use both of our credit and financial info for the application. I have both the better credit and longer employment history, but need my boyfriend’s additional income to qualify for the amount we need to purchase a home. Will his less than established credit hurt us, or will it not matter?
Vera
My boyfriend and I are applying for a home loan. The loan officer wants to use both of our credit and financial info for the application. I have both the better credit and longer employment history, but need my boyfriend’s additional income to qualify for the amount we need to purchase a home. Will his less than established credit hurt us, or will it not matter?
Vera
March 25th, 2009 at 4:56 pm
Dean
Your loan officer makes the decision based on what you need to qualify. Most likely you won’t qualify with just one income. The fact that his credit is less established won’t hurt him as long as its not “bad”. Lenders are looking for 2 years steady employment, 2 years good credit, & property of enough value & re-salability in case of problems. Sounds like you need him (boyfriend) & he’s gonna help not hurt.