Useing others credit for a mortgage

[Gerald Nurczyk Jr]

If anyone could help me I would truly appreciate it.

  The problem: 

Looking to buy my first home/investment property. I just recently (within 6 months) declared bankruptcy. I have decent enough amount of money for a down payment but don't believe I'll be able to get a loan on account of the bankruptcy. 

I would like to use my fiances name to aquire the mortgage. Her credit is 760 but nothing really as far as savings. And income is about 36,000 annually.

The question:

Is it possible for her to use my income on a loan? Or for me to give her my savings?

Any thoughts, tips, ideas?

[Jocelyn Kaufman]

I would talk with your lender and see if you can both co-sign and how that would look. Then your lender can run the loan in each of your names and can tell you how it would be best.

[Erik Estrada]

She would have to be the guarantor of the loan. If you are not planning to live in it, it is possible to qualify based on the rental income of the property. Have you consulted with other Mortgage Brokers on this situation yet? 

[Dave Skow]

@Gerald Nurczyk Jr- you are  correct that your recent BK will preclude you  from getting financing  ..there may be some unique  programs  out there  but these will be  very pricey and limited to find ....the normal waiting period for a BK is 2 or 4 yrs  depending on the type of BK ....you can  certianly  transfer your savings to her  and let it  season for several months so that she can use it  but  you cant  use  your income on her application  ( unless you are on the application)

[Gerald Nurczyk Jr]

Erik Estrada 

We are planning on living in the property. The first one in mind is a reasonably priced SFH zoned commercial with room for the front half to become work area for her massage therapy clients. She currently is still working W2 so no reportable income from massages besides W2. We have only spoke to 1 loan officer recommended by the realtor.

I belive that with light to moderate rehab I could dramatically increase property value. (Currently listed at 75,000) Similar comps in area average 140,000. 

I have about 10% of down payment with similar reserve in 401k/IRA and ability to borrow the other 10% from family member. Just really not sure how to give that money to her so she could qualify.

[Gerald Nurczyk Jr]

Dave Skow

If I took my savings account and made it a joint account with her would she be able to use the money? If so would there still be a seasoning period? Also would there be any tax implications for doing something like this?

[Dave Skow]

@Gerald Nurczyk Jr  1) yes -possibly  ,,,, any lender  will  want to see  where the  funds for a new  account derived from 2)   dont think there is any tax  implication  but  check  with  an accountant or CPA  to be  certain

[Carlton Blair Kutas]

As Dave said your biggest hurdle is going to be you being on the loan. If y'all share finances and have an account she is not on, you could look at gifting her the down payment and reserves, having her on the loan, but both on the title. I would talk with a lender more verse in Illinois as I am not aware of any state quirks they might have. Depending on the home you're looking to purchase she might be able to qualify by herself.

[Jake McVey]

Quote from @Gerald Nurczyk Jr:

If anyone could help me I would truly appreciate it.

  The problem: 

Looking to buy my first home/investment property. I just recently (within 6 months) declared bankruptcy. I have decent enough amount of money for a down payment but don't believe I'll be able to get a loan on account of the bankruptcy. 

I would like to use my fiances name to aquire the mortgage. Her credit is 760 but nothing really as far as savings. And income is about 36,000 annually.

The question:

Is it possible for her to use my income on a loan? Or for me to give her my savings?

Any thoughts, tips, ideas?

 Gerald, Id recommend simply talking to a few lenders and explaining your situation.  Being engaged you may be able to gift her the money and keep your name off the loan... but that's of course dependent on the lender.  I'm a realtor in the south suburbs near you and have a few awesome lenders in the area I'm happy to recommend if you'd like.  

[Mark Faustrum]

Hey @Gerald Nurczyk Jr I am going to tag in @Zack Karp he and his team are rockstar lenders in Illinois and he will have the answer to your questions.

Mark