re: Question about using fiancée's income when buying a home

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Okay - not going to nag you about it. Are you looking at 15-year options for the mortgage at least?

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I plan to pay enough to have it paid in 15 years, but will do a 30 year term just in case something unexpected comes up.

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1. We presume he's going to marry the gal before they buy the house together, so that fixes an obvious one.

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Getting married in 2 months, don't really see why this is an issue.

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2. He's got student loans that are "unpayoffable" before he buys the house - I understand that, I still do that - pay both.

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I mean, I wish I made enough that I could pay them off before considering buying a house, but that's just not an option.

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3. She's only been working for 3 months (maybe she's young).

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She is a fresh college graduate. She has an extensive work history, but has only been in her career job since she graduated. I don't see the issue here either, everyone starts somewhere. And it's not like I'm expecting her salary to pay for everything.

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4. He can't qualify because the house he wants pushes him outside of the LTV/DTI numbers his lender wants to see and needs her income to get there.

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I really don't get the issue with combining our income to purchase a home. Our finances are combined in every other way, why not this one?

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5. He didn't say, but I suspect he doesn't have much of a downpayment, so he's going to go non-traditional financing and pay PMI.

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This is true, and while I'd like to be able to wait. I'm not letting $150 a month for a few years keep me out of a house. It's a decision we are OK with based on our current living arrangements.

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There's probably more.

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I'm not looking for what is the best case scenario financial decision. Unfortunately no one has given me a giant nest egg, and I didn't start out making 6 figures, so 20% is just not realistic.

I appreciate the responses.