Question : What factors do lenders consider when applying for a home loan?
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?
- asked by anpresco
All Answers:
Answer #1
Your loan officer makes the decision based on whatyou need to qualify. Most likely you won'tqualify with just one income. The fact that hiscredit is less established won't hurt him as longas its not "bad". Lenders are looking for 2 yearssteady employment, 2 years good credit, & propertyof enough value & re-salability in case ofproblems. Sounds like you need him (boyfriend) &he's gonna help not hurt.
- answered by Beverly S
Answer #2
It sounds like a not easy cracking nut,have a lookhere,you should find something useful foryou.
http://homeloan.online-assistant.info/ct-home-equity-loan-rate.html
- answered by EDWARD B
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