Mortgage loan co borrowers

[Anonymous]

my income is 65k pluse 10k bonus, and side job total 75k and also i can add my wife"s income about45k to 52k, and after calcute all debt and income my lender said i can get loan about 550k.

[Anonymous]

Have you played around with what that mortgage will look like? You don't want to be devoting every spare penny to a mortgage then get blind sided by unexpected expense. You will be approved for more than one can afford because​ they dont have to take into account any other of lifes expenses.

[krielly]

Agreed.........just because you CAN, doesn't mean it's a good idea.....

[Anonymous]

I'll check the website

[Anonymous]

A 635k loan at about 4% interest is approximately 4.7k. With you and your wife's combined income of about 7k per month, that leaves you with 2.3k for all of life's expenses. About a 66% debt to income ratio. That is a stretch by most people's judgement. Just make sure you think through your finances before comitting. Good luck!

[Anonymous]

Thanks for advice and this will be very hard for whole my life , unfortunately the state and location I live ,expensive and can't find cheaper house unless move it which effect yo my job and my daughter university,

[JediNeo]

Have you looked at down payment assistance programs? Maybe a CalPlus grant program, or CalHFA with a MyHome second and/or ZIP third? 

[Threeof5]

I don't want to be a downer to the OP, but I see this happen more frequently than I like. A couple will get denied and then want to add a parent/sibling/etc. to the loan to see if it would work. It usually doesn't. I'm now a little more direct with denials wanting to add a borrower. Unless the additional borrower's FICO is 990 and they make $250k a year, it's likely not going to help. Yes, I jest, and every situation is different. Sometimes, borrowers are right on the cusp of being approved and it might make sense. But I've also seen it where a couple adds dad to the loan, and it comes out worse then it was with just the two of them.

Adding a borrower is not a panacea to a denial or marginal approval. Again, YMMV.