How can I use downpayment from my boyfriend if he won be on the mortgage?
You and your boyfriend have only been together for three years. This isn’t actually considered to be a really long time. The banks are aware that it is real easy to type up a ‘gift letter’ in order to get approved on a mortgage, and keep their eye out for signs of sketchiness. (Sketchiness = a gift that is not really a gift, but is in fact a loan, or is likely to turn into a loan, if and when you and your boyfriend break up and he wants his money back.) The fact that he has his own credit problems, the fact that you’re not married or related, or that you haven’t been living together for a long time as a common-law couple will ring alarm bells that this gift isn’t likely to be ‘real’, whether you beleive it to be or not. If your boyfriend were to demand his money back in a couple years, you would suddenly become a big credit risk, since you’ll have a two large debts you can’t afford on your own – to your bank, and to an individual.) (My mortgage broker told me that unless the gift was f
