Buying a Home with a Partner

You can buy a home with a partner or relative (is most common), this is basically done in order to include two incomes so that the loan becomes easier to get qualified, and possibly you can also qualify into a better program, as opposed to applying as a single person.

Unless of course you make plenty of money, then it won’t matter either way.   

Usually is best to have a relative or a spouse buying together a home.  However, its ok if they are not relatives too.  

For this type of loan scenario (in most cases) the bank will consider the lower of the credit scores, and they will also take into account both incomes.

By Tony Cole 

Tags: Loan_Scenarios

Updated on Thursday, Feb 08 2007 12:15 PM PST

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