Question before we apply for a mortgage?

I work as a caretaker (M-F 9am-7:30pm) for a family member. As of now we are not paying rent in exchange for this service. But when we buy a house they will be paying me 1400 a month cash. Should DH put me as an applicant on the mortgage or just himself?

Re: Question before we apply for a mortgage?

Just himself. You have to have recent paystubs and I was told be at your job for a minimum of 2 years for your income to apply.

Re: Question before we apply for a mortgage?

you can be put down on the mortgage as well regardless if you have paystubs or not... I am on our mortgage and didnt contribute to the income portion of it... instead, i helped with the credit score... doesnt hurt to be put on it (as long as it wont hurt your application KWIM?)

Re: Question before we apply for a mortgage?

tell your mortgage person your situation they will know what your bank or mortgage companies policy is. each bank works differently with jobs. my bank only needed a letter from my employer because I don't get paystubs. you bank may accept the same, in which case they could write the letter now and you use that. but like I said, every bank wants something different, and you really don't know what they will accept and won't without asking. GL

Re: Question before we apply for a mortgage?

ask your bank they can tell you bc I don't work, but all of our savings were in my account. I had to be on the mortgage or it woudl have been considered a gift.

Re: Question before we apply for a mortgage?

Thanks ladies. The bank account is in both our names but the savings is in his. When we go to apply I will speak to the person processing it to see where to go from there.