i currently live with my boyfriend who i do not want on any paperwork due to his debt, he does pay half of the rent where we live now. what documentation will i need and does he need to attend the intake?
Unfortunately his debt must be considered. You have 2 options:
1. Go through the process together. Get qualified together. Co-apply. You will both be legal loan holders and deed/title holders on the house. This will allow you to use his income.
2. Go through the process without him. You will not be allowed to use his income. His debt will be considered your debt. The reason is because the bank views households with only 1 income like a single parent. It does not matter if your boyfriend has a job. If they are not on the loan then the bank legally attaches his obligations to yours and expects you pay his debt if he can’t. Therefore his debt is factored into your affordability.
If the only reason you don’t want him on the loan is because he has debt and that will lower your chances then that is wrong. It would be better off to include him in the process and have is income included.
HOWEVER if your state is a common property he might be required by law to be a deed holder even without being on the loan. So do some research. If you truly do not want him on the loan and also do not want to be saddled by his debt then he will not be able to live with you. Which is probably not what you want.
Whether he co-applies with you or not pretty much everything that is required of you to submit will also be required of him.
okay understood, the only reason i don’t want to include him is because he is only a boyfriend at the moment. i wouldn’t want to buy a home with someone who will maybe not be there in the long run and have to go through the drama of involving lawyers to get his name off of the home.
If you don’t want him involved at all he needs to have his own place. No other way around it. As long as he lives with you the two of you will be treated financially as a married couple or a parent with a child.
In your situation, I think your boyfriend would be viewed as a roommate as opposed to a spouse. It’s certainly possible to use NACA while living with a roommate and you wouldn’t be responsible for their debt or required to add them to your loan.
I would suggest speaking with your MC about the situation. They’ll be able to best advise you on what’s needed based on your current situation.