Direct Home Mortgage
How can I use my Fiance’s income on a mortgage loan without using his credit.?
I own my home. The house is in my name. We have been together for 6 years and have a 1 year old and a 4 year old. He has horrible credit and mine is bad. I want to put a large addition on our house. Is there anyway we can use his income without using his credit. I have been told that we cant. But could I say he pays me rent. His paycheck is direct deposit in my savings every two weeks.
Back before the mortgage meltdown people used to be able to get away with this simply by declaring additional income as household income and the banks did not care where it came from.
But since the meltdown every penny claimed on a application has to be backed up with paycheck stubs, bank statements and employee interviews.
My Wife and I recently refinanced our home and even with all of our credit scores being well over 800 we both still had to prove our income.