I have already had my first intake appointment and have my 2nd one scheduled for more documents needed. I never told my mc I have a live in boyfriend because he is not on the lease and he also didn’t want us to get a house. Now he has a change of heart and really wants to be included in the process. How do i go about adding him? Does he have to attend a workshop? Will I have to start over? He pays me money towards the rent and has his own bills he’s responsible for. So how would this Work? Thank you
To my understanding, anybody over 21 that will be living with you is counted as financially part of your home. So, they will have to provide all the same info that you will, especially if they will be a co-borrower. The logic here is that their financial history and habits (good or bad) will have an impact on your financial well-being after you close.
He does not have to attend the workshop because you did but it is probably best if he does.
I think your next intake session will have to be treated like the first one and He should prepare all of his financials in case they are needed.
Let your MC know right away and they can tell you exactly what needs to be done.
What nfreniere wrote is right on the nose. In fact, by not disclosing your boyfriend, you were technically violating NACA policy, which could have gotten you disqualified. His change of heart was a very smart move all the way around.
With his income included, it will change (and almost certainly raise) your affordability. This in turn can affect Payment Shock, MRF and other factors. So to at least a small extent, you will be starting over. However, if your Payment Shock has been adequate and consistently saved even after his income is factored in, the setback may be minimal.