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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Self: ==================== Income: $86,000 / Year Credit

Resolved Question:

Self:
====================
Income: $86,000 / Year
Credit Score: 600
Primary Residence Facing Foreclosure - so will not be able to apply for home loan

Wife:
======================
Income: $24,000 / Year
Credit: 700+
Debts: Car Loan with Balance $9,000 (Monthly Payment: $200)
NO OTHER DEBTS

Other income:
===================
Rental Property on my and wife's name.
Income: $5500 per Year


Brother:
=====================
Income: $75,000
Credit: 700+
Debts: Car Loan with Balance $8000 (Monthly Payment: $160)
NO OTHER DEBTS

============================================================================

How much Home Loan would my Wife qualify with her income with my Brother as the Co-Signer
Submitted: 3 years ago.
Category: Finance
Expert:  Megan C replied 3 years ago.
Thank you for your question, and thanks for using JustAnswer.com.

I have found a calculator that will help you play with various scenarios and tell you how much loan you will be able to take out.

Assuming 20% down, and a 3.5% interest rate, you could finance up to $407,133.20

If you have 0 down, you can qualify for up to $393,243.71

CLICK HERE
for the calculator.

Please let me know if you need anything additional. Thanks for using JustAnswer.com and have a happy, and safe, 2013.

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site*
You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

Customer: replied 3 years ago.

Thanks for the Answer. Few more follow-up questions


 


1. We live in Florida. I just want to make sure that my brother's income who lives and works in Ohio will be counted in gross annual income calculations


 


I know some states have law that the income is only counted if the co-signer lives in the home that is being financed.


 


So please confirm and let me know.


 


2. Also my wife started back on her job after our baby in July 2012. She was home for the baby for about 1.5-2 years before that.


 


Is there any requirement that the mortgage applicant has to be employed for last 2 years continuously


 


3. The house that we live in is facing foreclosure. The loan is under my name alone but the property is under my and wife's name. Will that create any problem when applying for new home loan under wife's name alone?


 


4. I know my credit will not be counted because the loan which is facing foreclosure is under my name but is there any way my income can be counted in the new loan?


 


Thanks Again.

Expert:  Megan C replied 3 years ago.
Thank you for your question, and thanks for using JustAnswer.com -

1. This is a legal question which requires review of law, and I am not an attorney. The best way to get your brother's income counted would be for him to be a purchaser of the house as well, so he would own the house along with your wife.

2. Typically a lender wants to see 1-2 years of stable employment history. This depends on your lender and is something you would discuss with them.

3. This shouldn't pose a problem, because your wife was not responsible for the loan.

4. No, your income cannot be counted in the loan as you will not be party to the loan document.

Thanks again for your follow ups, and please let me know if I can be of any additional assistance to you in this matter. Thanks again for using JustAnswer.com and have a happy, and safe, 2013 and good luck with your new loan!

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site*
You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

Megan C and other Finance Specialists are ready to help you
Expert:  Megan C replied 3 years ago.
Thank you for the positive rating. Please remember me the next time you have a question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer