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Well I have two effects on their story first hand. The multiple loans to buy a home or such was what the buyer of my previous home did to get in the door. 80/10
by Shivetya 10y ago
Well I have two effects on their story first hand. The multiple loans to buy a home or such was what the buyer of my previous home did to get in the door. 80/10/10 however it was not because the values exceeded maximum loan values but they could not make the down payment but wanted in the area.
The second is the combining of credit scores for couples, good friends are currently renting as his wife's score is the pits. This is even after spending two years so far paying down here debts which were not education related. On his own he can land any house they want, together they have to accept loan rates that make it not worth the costs.
I figure the twenty percent rule saw a resurgence because that number was so ingrained into the minds of buyers and sellers.
- jdmichal 10y agoI got a mortgage with just myself as the signer. And this was with a major bank; nothing shady or weird. Since my wife is on the title, all she had to sign was a single page indicating that she was allowing her half of the property interest into the mortgage. But my income and credit were enough to completely support the mortgage we got, so that's what we went with.
- cmdrfred 10y agoMy fiance got our house for us. It's in her name until we refinance in a few years and my credit is better.
- deleted 10y ago[deleted]
- avasylev 10y agoI did the same, with me as only applicant, mostly because it was slightly less paperwork. One possible drawback is that you can't count two incomes, just the applicant income. Though "affordability limit" that bank calculates (at least in my experience) is very stretched, I wouldn't be able to pay the max bank was ready to loan.