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Mortgage Questions

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My husband and I will be buying a new house next year (we will be 2 years in on our bankruptcy) here's the question.

The first house was just in my hubby's name and in order to participate in many of the programs in MI you either have to be a first time homebuyer or it has to have been 3 years since you had any ownership in a house.

Although I'm not working can I apply for the mortgages using his income as "other" income? As long as I met the credit requirements and we meet the downpayment requirements could we place the mortgage in my name only versus his just so we can get extra credits?

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As someone who has been through the process a few times in the past few years and was trying to get creative, the answer is no. Your "other income" must be documented. The no doc days are long gone.

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First time buyers of a home can be a little confused by the vast array of mortgage loans that seem to pop up everywhere and are filled with phrases like "fix rate loans? adjustable rate loans? or no down payments mortgage loans?", There are many options in borrowing money for a mortgage and the key is finding the best mortgage loan for your needs and situation.

If you are a first time home buyer, it can be difficult to save enough money to put a 20 percent down payment on a mortgage and have enough left over for closing costs. Many mortgage loans do not require such a large down payment, especially for first time home buyers. However, the lending institution will probably require that you pay mortgage insurance each month which insures the bank they will get the mortgage paid. It is not insurance for the buyer, but the bank even though the buyer pays the premiums.

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how in the world do people get enough money 20% to put down on a mortgage? i was looking at a house thats 150,000 ad 20% of that would be 30,000!!! are people really rich enough to put a down payment like that down? or are they using 401k's? and how do they work for downs?

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Hi,

The process a few times in the past few years, and was trying to get creative, the answer is no.Your other income must be documented. The no doc days are long gone.

Edited by Emmie

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