Trying to qualify for a home loan. Will adding my name to my parents savings account help?

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Question by michaeldorian: Trying to qualify for a home loan. Will adding my name to my parents savings account help?
I’ve been doing alot of research in terming of qualifying for a home loan and tin’t look to find an answer to this. Many home loans require you to show a bank account statement of atleast 3 months of savings. I unfortunately don’t have that but the monthly mortage is not an issue. Will my parents adding my name to their save account allow me to still use that account as proof of the 3+ months salvage to qualify for the loan? Will this help in any way towards getting approved for the loan. Thanks!

Best answer:

Answer by lobo
No, proof of income, job time and your debt ratio is what will qualify you. The bank statements are to verify you have the downwardly payment. Lenders will usually not let you payment exceed 40% of your gross income.

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