General chatter - PLEASE HELP!! I'm confused about buying a house!?
09-16-2007, 12:40 AM
My boyfriend isn't coming to closing (Scheduled for Tuesday).
My mortgage broker asked me if he'd be living at the new house-I told him "yes".
BUT--Why is the underwriter asking for my boyfriends w-2's and income tax returns for the last 3 years if his name is not going to be on the title?
My name is on the contract, insurance binder, and loan application. :?:
09-16-2007, 07:42 AM
I would guess that for some reason they are considering his income for the loan as well as yours. But the best thing to do is to ask THEM why! We can only guess.
09-16-2007, 07:59 AM
I work in the mortgage business, if he is not on the application there is no need for you to provide that information. I can think of 2 reasons they are asking for it: 1. they are having problems running the loan in just your name with just your income and are trying to avoid telling you that (there are many shady people out there who will string you along for weeks and not tell you the truth, I see it all the time) or 2. if his credit is better than yours, they may be able to get you a better interest rate by tagging him along. Regardless, ask questions, you have every right to know why they want that information from him!
09-16-2007, 10:42 AM
Hey, why not go to your broker and tell him that you and your boyfriend just broke up? Tell your broker that you aren't on speaking terms anymore with your boyfriend and it will be just you in the house. It really is no one's business who is or isn't living there (unless, of course, you are renting out an illegal apartment or something, which I don't think you will be...), so just cut the issue of your boyfriend completely out of the equation. Then see what happens.
IF it is a shady mortgage broker or there is a problem with your credit or your debt-load you'll find out right away without a confrontation. Sounds like something is going on here, and it might be better to find out now rather than later...
09-16-2007, 11:56 AM
I agree...find out by asking exactly why they want this information, since you are not married, and are wanting the home in only your name...
09-16-2007, 12:15 PM
Find out why they want the information without lying. I qualified for a higher mortgage based on that fact that someone else would be living with me. Most lenders still look at percentage of income in addition to credit score. If you are stretching to make your mortgage payment, especially as a first time buyer, it helps to show that you have an additional income to rely upon in the event of unemployment or emergency expenses.
09-16-2007, 10:08 PM
YIKES! My personal opinion is that boyfriends come and go, but debt is forever! If you can't afford the house on just your salary, and are relying on your boyfriend's income to qualify you for a higher mortgage, you may not be able to afford the house on your own without a supplemental income. And, in the case of a split (God forbid), who is to say that he can't claim a percentage of the home since his income was used to support the mortgage payment? If you want the house in your name only, don't provide anything from any other source.
09-17-2007, 03:43 AM
When I bought my house, we planned for my SO to live with me but I did not put his name on the title. I did not have to provide any documentation with respect to his income. Laws can vary from state to state, but it does seem odd that they are requesting this info if he won't be on the title.
I wonder if your broker or the underwriters have misunderstood and think you want to add him to the title. I know that I had to be very clear about this with my broker because it was an unusual arrangement.