Not married....can my income be used for the FHA loan?

[Anonymous]

My boyfriend and I are about to apply for an FHA loan. Problem is, I'm not sure if my scores will be high enough. My Transunion is 622, Equifax is 619 and who knows what Experian is. All of his scores are good.

We would both like to be on the loan, but if my scores aren't good enough and the loan is only in his name, can we still use my income to qualify for a higher purchase price?

Also, if my income can't be used; can money from my saving account be used to help with the down payment. We have kids together and most of our money is used together, but we have each saved about $9000 in separate savings accounts for our down payment.

Message Edited by AMMMYDALLAS on 02-24-2010 05:37 AM

[rockymtngrl]

If you use your income you have to use your scores. If your scores are'nt high enough to use then you cannot use your income.

I am also almost positive if you are not on the loan you cannot give money toward the down payment with FHA. I'm pretty sure the money can only come from a spouse/relative. One way around that would be to put the money in his account and then wait a full 60 days before applying for a loan, then he could use it.

[Anonymous]

My loan officer told me that gifts could come from a family member or a fiance.   Check with your loan officer.

[DallasLoanGuy]

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@rockymtngrl wrote:

If you use your income you have to use your scores. If your scores are'nt high enough to use then you cannot use your income.

I am also almost positive if you are not on the loan you cannot give money toward the down payment with FHA. I'm pretty sure the money can only come from a spouse/relative. One way around that would be to put the money in his account and then wait a full 60 days before applying for a loan, then he could use it.

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most loan officers do not realize this, but it doesnt have to be just spouse/relative. 

[DallasLoanGuy]

ammmy do you have any credit card debt? if so, what is the balance/limit ratio?

you can always pick up a few points by paying down revolving debt

and the loan officer(a good one) can guide you in this matter.

[laz98]

i've never bought a house, so call me an idiot, but how are they going to know where he got the money from?

& furthermore, why does it matter?  i don't get it.

[Anonymous]

I don't have any debt besides what's on my credit cards, and they are all paid down to 7%. The myfico simulator says there is nothing I can do to bring up my scores besides paying my bills on time for 12 months. We are applying on Monday with or without my scores where they need to be. Maybe I will get lucky and Experian will be above the 620 mark.