They will have to be on title with you but you can use their income to Help with debt ratios.

For us it was worth it because we eliminated PMI and didn't owe as much. 

I see many on here who don't have much experience and are just getting out of school who are sold on the formula and are jumping into debt quickly. 

Any payments on the balance remaining from the original loan must be included in the debt-to-income ratio calculation for the refinance transaction.Note: Funds received as gifts and used to purchase the property may not be reimbursed with proceeds of the new mortgage loan.The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value).All other cash-out refinance eligibility requirements are met.

We expect to close next week.In between I signed a contract for another property, where the seller is the mortgage broker (not the one for the first property) (mmm... may be I should not have done that).The problem is that when I told mortgage broker 1 that I signed a contract for another property and broker 2 pulled the credit he got upset (may be rightfully) because now we will have to disclose that new contract and explain we will be having new debt.

Looks like that eliminates most of the risk of a party.Sure, they may have some folds over during the day, but doubtful they would stay over night. 

My credit score is around 700, I have less than 10k in debt and have a healthy paycheck as a freelance photographer.

@James WrightYou may want to consider bringing debt investors into your deal.

Our current home is in no way satisfactory and I am in debt.

Since banks use debt-to-income to qualify/approve you for a loan, how do you get around the "debt" part, since income isn't yet established?