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Question about being pre approved for a loan.

I am totally ignorant on this, but hopefully someone can help me out. 

When I get pre approved for a loan, I plan to have it under only my name. My fiance has terrible credit and a lot of debt from school. However, by doing this, can I only say how much I make a year? And not what he adds on to it? 
  • March 30 2014 - US
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Answers (3)

That is correct, as the only name on the loan, you will be the only income that is used in qualifying. Depending on your time-frame and exactly what "terrible credit" means you may have time to fix his credit and then you can use his income.

If you'd like to run the numbers and see what is the best option, feel free to contact me and we can discuss further.

Best of luck and hope to hear from you

Andrew
  • March 31 2014
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Cathy is correct on being pre approved in that the underwriter is only going to use the income of the person applying for the loan
  • March 31 2014
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You  can only say what you make since you will be the only name on the mortgage.  If his income is added/considered, then he has to be on the mortgage.  Look at it this way, the lender just wants to make sure the person on the mortgage has the ability to pay (and the underwriters who clear the loan) and, if his income is calculated in, they his credit is reviewed along with his debt and ability to repay the loan.  When you get the pre approval, a qualified lender will guide you and explain in more detail - or what you/he needs to do to improved credit etc. and become better qualified for the loan.  I hope this helps.
  • March 30 2014
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