Real Estate and mortgages...

[~Laura and Nick~ 5]

So I have a question for anyone who knows anything about real estate and mortgages.

Nick's mom is under the impression that Nick can use my current income now when he applies for a mortgage loan from his bank...I'm not so sure...

I wouldn't be making that money when I move down...I wouldn't even have a job so...can my income be applied???

Thanks guys!

[SapphireDreams 71]

I actually have no idea BUT I feel like on an application you could list your previous jobs. Like you said though, you wouldn't have a current job, so that might affect things.

Good Luck,. I'm sure everything will work out

[Cassie 8]

My hubby said this:

"yes you can include your existing income when applying for the loan, as long as you can prove that income. They will judge your credit-worthiness based on that amount, and most likely you would get the loan. However, I don't think it's a smart idea to do so for your own financial safety, since that income will stop once you move to the US and you won't have it to rely on. The bank will give the loan, but will you be able to maintain the payments on just his salary alone until you can work?"

Please note: my hubby is not a real-estate expert, just really good with his money (and his accountant friends can attest to that!).

[Flames9_RN 358]

Hard to say and it could vary from bank to bank!! When we purchased our condo in 2006, i wasn't even listed on the mortgage as I most likely had no credit rating (never checked) but I was listed on the deed of the condo, so wasnt as if she could kick me out of the house,lol We refinanced this past Oct, and I was put on this mortgage, even though I have no job (student) I have excellent credit. I have heard that because of the mortage crisis, that lenders are being a bit more picky about giving out mortgages!!

[rebeccajo 14]

Hmmm.

I'd say it's not likely.

To list your income you are going to have to be an applicant. The loan officer is going to ask about the likelihood of that income continuing and the answer is going to be a big fat 'no'.

Plus as an applicant you are going to throw the loan 'out of whack' because you aren't a resident of the US yet. Your residency would probably limit the type or number of loan programs available to him.

........ I have heard that because of the mortage crisis, that lenders are being a bit more picky about giving out mortgages!!

A lot more picky!

[Krikit 1,164]

Agree with RJ.

I spoke with the mortgage company we went with and they said that, because I have no credit history here in the US, they would have to raise the mortgage rate another .5% to put me on there. Which is no small change when you're talking houses.

[~Laura and Nick~ 5]

Thanks guys!!!

I didn't think it was possible at all....not a big deal we just wondered.

Thanks again!!

[KitEEgirl 0]

Laura,

I worked in the mortgage industry for years.

Your income can be used if it's only validated within 15 days of closing the loan. Also in order for you to be on the loan, you must have a U.S. social security number for a credit check.

You can be placed on the Deed, because the Deed is only conveying property. You can not be on the Mortgage at this stage. Hope this helps.

Thanks guys!!!

I didn't think it was possible at all....not a big deal we just wondered.

Thanks again!!

[~Laura and Nick~ 5]

Laura,

I worked in the mortgage industry for years.

Your income can be used if it's only validated within 15 days of closing the loan. Also in order for you to be on the loan, you must have a U.S. social security number for a credit check.

You can be placed on the Deed, because the Deed is only conveying property. You can not be on the Mortgage at this stage. Hope this helps.

Thanks guys!!!

I didn't think it was possible at all....not a big deal we just wondered.

Thanks again!!

What about for a lender qualified document?

That's what Nick needs...can my income be used towards that?

Edited April 9, 2008 by ~Laura and Nick~

[KitEEgirl 0]

Are you talking about a pre-approval?

Laura,

I worked in the mortgage industry for years.

Your income can be used if it's only validated within 15 days of closing the loan. Also in order for you to be on the loan, you must have a U.S. social security number for a credit check.

You can be placed on the Deed, because the Deed is only conveying property. You can not be on the Mortgage at this stage. Hope this helps.

Thanks guys!!!

I didn't think it was possible at all....not a big deal we just wondered.

Thanks again!!

What about for a lender qualified document?

That's what Nick needs...can my income be used towards that?

[~Laura and Nick~ 5]

Are you talking about a pre-approval?

yes...

[KitEEgirl 0]

A pre-approval is meaningless. It's just a tactic used by mortgage companies to get you interested. When it comes down to it they care about credit and ability to pay the loan.

I can say I make $5,000,000 / year on a pre-approval... and get my pre-approval and then go nowhere.

It won't help you. If you or Nick has never owned a home, they have some great first time home buyer loans out there that require little to no money down, an interest rate between 5.0-6.5%, and it's backed by the government. Just as a role of thumb... 3 times the household income is what they'll loan on.. So if you make a combined income of 40K, household, they'll loan 120K. Now there are exceptions if you have high debt or other financial responsibilities....

Are you talking about a pre-approval?

yes...

[~Laura and Nick~ 5]

Wow...that's great info!

Thanks hon!!!!!!!!!

I think cause of the crisis going on in Jersey with forclosures lately...he wanted to view a house and the woman was like "you can't even look at it until you are pre-approved"

sigh.

Also...3 times doesn't seem that much...you can't get a decent house in Jersey for less than 280,000....

Edited April 9, 2008 by ~Laura and Nick~

[KitEEgirl 0]

If he really wants to, tell him to go online and pick any lender of choice. He'll have his pre-approval in minutes online.

That's the most ridiculous request I've heard. Tell him to tell her he'd be paying in cash

Wow...that's great info!

Thanks hon!!!!!!!!!

I think cause of the crisis going on in Jersey with forclosures lately...he wanted to view a house and the woman was like "you can't even look at it until you are pre-approved"

sigh.

[~Laura and Nick~ 5]

We'll let you know how it goes.

Thanks again