Me and my boyfriend went through Bank of America for a home loan. After a credit check with only my boyfriend’s ssn, he was approved for up to $100,000..but needs $5,000 down. My credit is pretty bad right now because I didn’t have medical insurance for 6 years, and had visited the ER quite a few times in that time frame. So my question is, do you think that I should include my ssn to bring the down payment down, even though my credit is bad & i’m trying to work on it, or is there other options to reduce, or eliminate a down payment for 1st time home buyers?
Related Post :
Other post:
- If I have checking acct that is negative at one bank and savings acct in good terms at credit union and . . . . ?
- business finance and commercial real estate investment loans
- Is refinancing an auto loan wise?
- Commercial Loans: Commercial Loans and Working Capital
- where can i get a bad credit online loan that is not a payday loan?
you being added will not reduce down payment requirement. all loans have downpayment. Lowest is about 3.5% but on top of that are another 3% in fees to obtain a loan and close.
Stay off the loan application with your poor credit score.
No. The downpayment is a percentage of the loan amount. The downpayment won’t be less w/ another person’s income counted. And if your credit is bad you could end up worse off.