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will having a joint checking account affect my individual mortgage application

will having a joint checking account affect my individual mortgage application

I am applying for a first time mortgage under my name only, I have already been prequalified. I have very good credit and a savings account in my name only with enough funds for the down payment and losing costs. But I have a joint checking with my boyfriend and he has very bad credit. It is the same checking account that I have had for a very long time, but his name was added to it a couple of years ago when we moved in together. His paycheck is direct deposited into the account and we both have access to it, Will this be an issue when I actually apply for the mortgage? Should I take his name off the account, or will this cause a huge red flag? Thank you for any help you can provide!


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Anonymous
27-09-2015

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You should be fine  - the difficult part will be determining what is your and what is his - when it comes to down payment he can gift you money so even if the money is in the joint account there is a work around  - you just need a lender that knows how to get through these issues    Good Luck Brian Barnes Brian@Aimwithfocus.com

brian1 | Asked on 2015-09-27

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