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Catherine Murray Asked:

I recently became unemployed, but was planning on purchasing a home before that happened. Can my fiance, who is employed, and myself be on the loan or just him? I would like to be, if it\\\'s at all possible. Thanks! [Asheville NC]



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Answer Provided by: Skip Dyer [12/29/2009]

In most cases you can be on the loan even if you don't have income. However, your credit will factor into the underwriting decision and all your debts will have to be included in the debt ratio calculation. The other option is to have your fiance be on the loan by himself while you both are on title to the property. That means you will have ownership interest in the home but will not be obligated on the mortgage loan.