Possibilities

[Anonymous]

I am looking to potentially get a home in the near future, and my partner has excellent credit.

TU is reporting 772, Ex 776, and Eq 759. He makes around mid 40s for salary and was wondering what his chances on getting a good rate were without my involvement.

He can use his mother who has equally good credit, and already owns two homes but if we could avoid using her, I was wondering what we as first time home buyers should be looking out for.

Thanks

[sunrise]

His scores are really good.  But,  what is his DTI?  What price range of home are you looking at?  These are questions that we would need to know in order to know if he could possibly qualify.

[Anonymous]

We're looking for a Max loan of about 350,000 but wouldnt look to use most of it.

He has no other installment loans, he has had 2 cars in the past 2 years that he paid off about 6 months into the loans.

His highest CL is an AMEX at 18,000

second highest is a VISA is 15,500

and 2 other credit cards,

His total balance of debt is under 2000 bucks, so the Util is good which he PIFs every month.

[sunrise]

I am pretty sure that a $40,000 salary would not support a $350,000 loan.  Unless, you are planning on putting down a large down payment.  I realize you will be helping out with the payment and bills, etc. but, the bank will probably want you on the loan if you are wanting to include your salary.

[ShanetheMortgageMan]

Yup, like sunrise pointed out, your partner's debt to income ratio would be too high to qualify for a $350k sales price on his own... it'd be over 70% and that doesn't qualify with any lender.  You said that is your max though, what is more realistic for the sales price you'd be looking into?  Is there any down payment involved?

Mom can co-sign though, but realize you don't want her too... I wouldn't really want to co-sign either, even for family.  Too many risks to take with your own credit if their situation goes south.