May 31st, 2017 10:14 AM by Andrew Liu, President 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.
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