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

I’ve been doing a lot of research in terms of qualifying for a home loan and can’t seem to find an answer to this. Many home loans require you to show a bank account statement of at least 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 savings account allow me to still use that account as proof of the 3+ months savings to qualify for the loan? Will this help in any way towards getting approved for the loan. Thanks!

No because it may be considered community property. They want to see that you have the savings in case you lose your job, you will still be able to pay your mortgage for a few months. It is called reserves. They usually want to see at least 6 months worth of payments in a savings account. You may want to see if you can borrow the money from your parents and open up your own account. The lender will take savings, 401K, IRA etc. Any kind of money will do.

What kind of home loan interest rate could I get with a bankruptcy on my record?
I have a chapter 7 bankruptcy on my record from 2003, but I have no debt and a credit score of about 700. And I have $20,000 for a down payment. If I got a home loan, would the bankruptcy make a huge difference in the interest rate? How big a difference?

I had a bankruptcy back in 2001. My husband and I bought a house in 2004, and my credit score was about 700 as well. We had no problem getting the low interest rates that were available at the time. You have a fairly large down payment too, so depending on the cost of the house you want to buy, you should have no problems getting the lower rates. I think the standard rate right now is about 5.5-6.5%.

LIC Housing Finance posted a 27 per cent rise in its net profit to Rs 171.25 crore for the quarter ended September 30 as compared to Rs 135 crore in the year-ago quarter. The growth was helped by an Rs 41.69 crore write-back on provisions.

The firm sanctioned Rs 5,365 crore and disbursed Rs 3,757 crore of loans, posting a growth of 82 per cent and 75 per cent, respectively. In the individual loan segment, the sanctions grew 107 per cent on a year-on-year basis to Rs 4,427 crore, while disbursals rose 81 per cent to Rs 3,388 crore in the September 2009 quarter.

However, net interest income grew at a much slower pace, rising 9 per cent to Rs 187 crore. The total income of the company for the second quarter was Rs 839 crore as against Rs 708 crore during the same period last year, a growth of 19 per cent.

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