The borrower is a first-time homebuyer who has been paying rent equal to 40 percent of income for three years and has an unblemished payment record. The borrower is making a down payment well above the amount required. Before the financial crisis, expense ratios could be reduced by extending the term to 40 years, selecting an interest-only option, switching to an option ARM on which the initial payment did not cover the interest, switching to an ARM with an exceptionally low interest rate for the first six or 12 months, or taking a temporary buy-down where cash placed in an escrow account was used to supplement the borrower's payments in the early years of the loan. None of these options exist today. If you have planned to make a down payment larger than the absolute minimum, you can use the cash that would otherwise have gone to the down payment to reduce your expense ratios by paying off nonmortgage debt, or by paying points to reduce the interest rate. Just make sure the reduced down payment does not push you into a higher mortgage insurance premium category, which would offset most of the benefit. This happens when the smaller down payment brings the ratio of down payment to property value into a higher insurance premium category. These categories are 5 to 9.99 percent, 10 to 14.99 percent and 15 to 19.99 percent. For example, a reduction in down payment from 9 percent to 6 percent wouldn't raise the insurance premium, but a reduction from 9 percent to 4 percent would. Getting third parties to contribute: Borrowers sometimes can obtain the additional cash required to reduce their expense ratios from family members, friends and employers, but the most frequent contributors in the U.S. are home sellers, including builders. If the borrower is willing to pay the seller's price but cannot qualify, the cost to the seller of paying the points the buyer needs to qualify may be less than the price reduction that would otherwise be needed to make the house salable. While borrowers can't change their current income, there may be circumstances where they can change the income that the lender uses to qualify them for the loan. Lenders count only income that is expected to continue and they therefore tend to disregard overtime, bonuses and the like. They will include overtime or bonuses only if the borrower has received them for the last two years, and the employer states on the written verification-of-employment form that they expect the payments to continue. Borrowers who intend to share their house with another party can also consider making that party a co-borrower. In such cases, the income used in the qualification process would include that of the co-borrower. The co-borrower's credit should be as good as that of the borrower, however, because lenders consider the credit scores of co-borrowers. The co-borrower must also be on the title and reside in the house. This works best when the relationship between the borrower and the co-borrower is permanent. More homebuyers are limited in the amount they can borrow by the cash requirements than by the income requirements.
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