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Will both our incomes be considered?

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Jacob_White Guest	Posted: Tue Jul 05, 2011 12:23 am    Post subject: Will both our incomes be considered? Like 0 Dislike 0 Hi… me and my partner are planning to buy a home. But, my partner is a contractor and does not have a verifiable income. But my income is verifiable. We want to avoid a non-verifiable income loan. Can we get a mortgage where both our incomes will be considered? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Tue Jul 05, 2011 1:57 am    Post subject: Like 0 Dislike 0 If your partner cannot verify his income, it will be difficult for him to qualify for any kind of loan. It will be better if you could apply for a loan on your own. In such a situation, your income and your credit credit record will be taken into consideration. _________________ Good is the Enemy of Great.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Jul 05, 2011 5:05 am    Post subject: Like 0 Dislike 0 True - only income that can be verified can be considered in qualifying for a mortgage loan. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
raymond Community Expert Joined: 03 Jul 2009 Posts: 1189 Location: Irvine, California 27.86 Dollars($)	Posted: Wed Jul 06, 2011 2:41 pm    Post subject: Like 0 Dislike 0 You'd need to get a "Stated Income" loan, so both incomes can be used to qualify. The risk is greater to the Lender, so you'll pay a higher interest rate and probably have to put more money down. And there aren't very many State Income programs available anymore - however, some are still available and a "contractor" job is the type of candidate that fits Stated Income parameters best. _________________ Raymond Denton www.RaymondDenton.com
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Sat Jul 09, 2011 10:53 am    Post subject: Like 0 Dislike 0 As an addendum to what Raymond provided, let me add that in order to qualify for a Stated Income Loan product, you'll both have to have exemplary credit, with scores of 720 and up, in all likelihood. Depending on where you're located, you may or may not be able to find such a loan available. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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