My boyfriend of 7 years and I are looking to purchase our first home. He was approved for a mortgage with just his income & stellar credit, but we're not satisfied with the amount. We're looking to get approved for an additional $30-50k.
I'm a graduate student with some income, mediocre credit, & student loan debt.
Without knowing all of the details, would it be better for us to open a joint bank account where we can both start putting money away to use for a down payment? Or should we add me to the application regardless of my situation to get a higher amount? Or should I start saving cash & gift it to him as a down payment?
Read more: https://allmortgage.net/forum/is-it-better-to-save-cash-for-down-payment-or-add-a.html
