Finance Questions? Ask a Financial Expert for Answers ASAP
** 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.
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?