May 31st, 2017 10:14 AM by Andrew Liu DRE: 01109246 NMLS#249736
Case Study 05.31.17
Often a borrower does not have enough of an income to qualify for a loan amount that they need to purchase a home. Under most of situation: They would have to either put down more of a down payment or purchase a less pricey home.
However, that would be a tall order since home prices in the San Francisco Bay Area seem to be going one way only which is UP!
We recently helped a client of ours with this type of income issue. Incomes, from the husband and wife, were a bit shy of debt ratio which was required to qualify them. However, we realized that he has an aunt who was willing to them help by adding her name as a co-borrower on the loan application.
By adding her income, we successfully qualified the borrowers and they finally, the first time in their lives, they were able to purchase a house that they can call home.