Should we add me to the mortgage?

[Sunflower0809]

My boyfriend and I have been looking for a home for close to a year now but we've yet to find out dream home. We're really trying to find a home by the end of the summer, at the latest. He does not qualifiy for a FHA loan according to our last mortgage broker (who was a bit of an idiot) as he works a commision based job and he claims too much on his taxes. We definitley do not want to over extend ourselves but we want to have our best oppurtunity of getting the house we want.

My questions are....
Should we try putting myself on the pre-approval/mortgage? I am currently a full time student and working part time at a family owned business. My credit scores fall around 620-640 and his are above 700/720. Currently I am making beans at my job but in the summer months I'll bring in close to 2000/mo. Would it be worth trying at that time? I know the broker had requested the past two paycheck stubs from my boyfriend, is that all they'd request from me? Do they verifiy with employer? Will claiming an additional 24k help our chances of getting a better mortgage?

Any help or suggestions would be greatly appreciated!!

P.S. Anyone in  Miami, Florida know any non-idiot mortgage brokers they've worked with? Send me over their contact info! Thanks!

[SonorityGenius]

Bf-Gf mortgages are a risky area..

In your situation, you bring low FICO scores overall; and since you say you're a full time student you must have quite a few student loans too? (Your debt gets factored in ALONG with your income)

If he can qualify on his own income, his 700+ scores should suit you a nicer rate vs adding you.. (from the overall summary you presented)

[Sunflower0809]

Can I ask why is it risky? Is it just a personal opinion or is it looked at differently by lenders? We're just waiting to get married until we have the money to have the wedding we want, and a home is our top top priority. If its a piece of paper saying that we're married that the lenders want thats a different story....

As to students loans...none what so ever. Not planning on ever taking one out either. Just a few hundred on credit cards I'm paying off this month, latest next month. And neither one of us have a car note; waiting to purchase cars till we have our home.

The reason we'd be adding me would be for additional income that the broker said we needed to qualifiy for the rate and amount and terms we wanted.

[DallasLoanGuy]

Sunflower, you should ignore the opinionated comments..... they aren't meant to answer your question. 

 Being a family owned business, the u/w will likely ask for 2yrs tax returns on you.

If you are doing FHA, then 620 gets the same rate as 850 scores.

[Anonymous]

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@Sunflower0809 wrote:

Can I ask why is it risky? Is it just a personal opinion or is it looked at differently by lenders? We're just waiting to get married until we have the money to have the wedding we want, and a home is our top top priority. If its a piece of paper saying that we're married that the lenders want thats a different story....

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The only reason it's "risky" is that since you're not married, it's easier to dissolve your union than it is a marriage.

Meaning, if a married couple dissolves their union, they usually have everything "automatically" split up (like debts, assets, etc) in divorce court. With a non-legally binding relationship, you can just bail without divvying things up equitably.

While that's true, I don't think it matters a whole lot (sure doesn't seem to matter to lenders, so I'd not worry about that a bit) since many, many, many divorced couples only see the Divorce Order (or "Writ" in some states) as a meaningless piece of paper and don't abide by the court's decision.

Bottom line is whether or not both of you are mature enough (sounds like you are) and stable enough (sounds like you are) to go into such a large debt together. Bear in mind, though, just like with married folks, if you split up, you could stand to still be responsible for the mortgage, even if you don't live there anymore.

FTR, I know plenty of married folks who are risky, but they do it anyway.

But, I honestly would consider getting married .... FL is a bit on the famous side for giving extra perks and protection to married couples (ahem, Homestead Laws, for one). BF/GF situations, not so much. So much for us being liberal! o_O

Go for it!!