Profile picture for mdlongo

Getting a mortgage with someone elses income.

I have the down payment for a house, but I do not have the income. 
  • November 14 2009 - San Diego
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Answers (5)

Unfortunately you cannot purchase a home without having gainful employment, and/or some sort of income to qualify.  The person with the income can purchase the home and then down the line quit claim it to you and then once you have gainful employment and income you could possilbly refinance the porperty into your name (you'll need sometype of rental/pay history) ... Hope this helps!
  • November 15 2009
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You need a co-borrower who has income and can qualify for you to purchase and be on title...speak to a mortgage broker.

Good luck   
  • November 15 2009
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Profile picture for The LaPeer Team
Yes, you should talk to an attorney, CPA and/or mortgage banker so that you don't commit mortgage fraud. The rules for getting a loan have tightened up a lot in the last 3 years (as they needed to!)
  • November 14 2009
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Profile picture for wetdawgs
I would speak to a loan officer.

The person who is going to subsidize you would have to co-sign the loan, and be fully eligible for the loan without you as co-signer.  That means if the person is already paying a mortgage, the debt to income ratio may be higher than level to qualify.   But, we don't know you benefactor so that is between you, the LO and the benefactor.  

I don't know why anyone would want to subsidize you without sharing some of the benefits (such as name on title).   But then, I've known too many who've been burned by co-signing.

But, the question is why would you want to do this?   It is very common after a masters program to need to move for employment, and a normal masters is a 2 year program.   Purchasing a domicile for two years is a money losing proposition in even good years.
  • November 14 2009
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Profile picture for mdlongo
A bit more information:

I have the down payment for a house, but I do not have the income. I want to purchase a condo for $125,000, and I have enough money in a 401K to cover a 20% down payment with fees.  I will move to the condo after buying it. 

Unfortunately, I do not have any income because I am a full time Master's student. 

Can I use someone elses credit (and income stream) to get a mortgage?  (I want to remain 100% owner of the property.)

What would be appropriate compensation for someone allowing me to use thier "credit" (besides equity)? 

Should I just go talk to a (CPA, Attorney, Mortgage Broker)?

Thanks...
  • November 14 2009
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