Posted by Patrick S. Lawson on July 15, 2006 at 22:56:22:
Yes. If you are on the mortgage with your boyfriend it will show on your credit report and any expenses on your report will factor into your debt ratio. Use the HELOC proceeds as a 20% downpayment and you should have not problem obtaining financing with a “no ratio” or “no income” product. FYI “stating” income which is incorrect is considered loan fraud.
Obtained HELOC, how can I purchase 2nd home? - Posted by Monique
Posted by Monique on July 15, 2006 at 22:48:47:
Here’s the situation…
I currently own and live in a home with my boyfriend. We just got a HELOC and am thinking about purchasing a second home with it.
My question is, if I wanted to purchase a second home by myself (I have FICO 750+, his not as great), would a lender consider the entire mortgage of our current home part of my monthly expenses, or could they work it to consider that I’m only partially responsible for repayment. I’m concerned about having a high debt to income ratio and not being able to qualify for a loan without the second income.
Any advise, comments?
-Monique
Re: Obtained HELOC, how can I purchase 2nd home? - Posted by Devon Daughety
Posted by Devon Daughety on July 18, 2006 at 21:07:20:
What state are you in? A lot of lenders use the primary wage earner score… meaning if you make your money they would go off your score. Also, if the loan is in your name, you are fully responsible for the payment.