Posted on: 12th Oct, 2009 05:19 pm
My girlfriend and I want to buy home.
I have excellent credit and income enough to qualify on my own for a mortgage.
Now we found out her parents are willing to give her 20,000 toward a down payment.
Her credit is average/poor at best and her income the last couple years is under $10,000.
Is there a way to still use her 20,000 and still qualify for the best interest rates with my excellent credit rating?
Looking for best way to proceed.
I have excellent credit and income enough to qualify on my own for a mortgage.
Now we found out her parents are willing to give her 20,000 toward a down payment.
Her credit is average/poor at best and her income the last couple years is under $10,000.
Is there a way to still use her 20,000 and still qualify for the best interest rates with my excellent credit rating?
Looking for best way to proceed.
you cna do this with out puttign her name on the loan
you cna always show that the $20,000/- as a gift or somethign you borrowed fromher and use it for down payment. if your income is good and as you said you have good credit, use it get the loan and probably you will qulify for a good rate
you can later do a quit claim deed and add her name to the property. she will have equal partnership in the property at that point
make sure to have these terms documented and singed by both the parties on a legal paper. incase things change in between, you both are protected
you cna always show that the $20,000/- as a gift or somethign you borrowed fromher and use it for down payment. if your income is good and as you said you have good credit, use it get the loan and probably you will qulify for a good rate
you can later do a quit claim deed and add her name to the property. she will have equal partnership in the property at that point
make sure to have these terms documented and singed by both the parties on a legal paper. incase things change in between, you both are protected