Question : Trying to qualify for a home loan. Will adding my name to my parents savings account help?
I've been doing alot of research in terms of qualifying for a home loan and can't seem to find an answer to this. Many home loans require you to show a bank account statement of atleast 3 months of savings. I unfortunately don't have that but the monthly mortage is not an issue. Will my parents adding my name to their savings account allow me to still use that account as proof of the 3+ months savings to qualify for the loan? Will this help in any way towards getting approved for the loan. Thanks!
- asked by michaeldorian
All Answers:
Answer #1
No, proof of income, job time and your debt ratiois what will qualify you. The bank statements areto verify you have the down payment. Lenders willusually not let you payment exceed 40% of yourgross income.
- answered by lobo
Answer #2
No because it may be considered communityproperty. They want to see that you have thesavings in case you lose your job, you will stillbe able to pay your mortgage for a few months. Itis called reserves. They usually want to see atleast 6 months worth of payments in a savingsaccount.You may want to see if you can borrow themoney from your parents and open up your ownaccount. The lender will take savings, 401K, IRAetc. Any kind of money will do.
- answered by GEE-GEE
Answer #3
How much are you putting down on your home? Ifyou are your broker can send out a "Verificationof Deposit" which will give you your averagebalance for the months needed. There will have tobe enough in the account to average the 3 monthspayment and interest. 401K and Liquidated stockscan be used. If you need to be added to yourparents account. They will need to provide aletter stating that you have 100% access to themoney in the account, but even then the lender maylook to see if you were added recently to theaccount, which can cause problems.If you FICOscores are high enough, you may be able to qualifyfor a stated asset loan. The inerest rate may bea bit higher but it will get you into your home.
- answered by Drea
Answer #4
That the stupidest proof I've ever seen. Itproves nothing. What the bank should be lookingfor is 3 months worth of pay stubs, an bankaccount statement that can verify your monthlyexpenses, and maybe a job history. Showing yourname on a joint savings account means nothingunless it'll be used for collateral. Whateverworks. Good luck!
- answered by profitmessenger
Answer #5
no it will not it will hurt you in a way becausewhen you do that they are going to want to includeyour parents income in on it. and not only thatit will help your parent credit not yours becausethey are primary. i did that in the beginningwith my father and everything i did went towardshis credit not mine because i was consider a usernot the primary. what you need to do is startyour own account and wait the 3 month time spandit takes to get the loan, by then you may seesomething better that you want than what you seeout there right now. call it faith. remember Godanswers our prayers four ways, 1. YES, 2. NO, 3.NOT RIGHT NOW. AND 4. OR WAIT I HAVE SOMETHINGBETTER FOR YOU MY CHILD. Do your threemonthsaving account period since mortage is not anissue for you. establish your credit not someoneelses credit.
- answered by PHAT
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