Hello,

Ok, so I have a bit of a complicated situation...

I just started my LLC (single member) this August. My wife works full time and earns about 35k . We are going to be looking to buy a house next year (just found out the wife is pregnant) There is a down payment assistance program in my county for first time home buyers that I would like to qualify for next year. The min/max income to qualify is 30k/75k . Here are some of my issues..

1. One stipulation of the assistance program is that there can be no co-signors on the mortage

2. My wife's current income alone won't qualify for a mortgage (we live on Long Island. Taxes are, on average, 7-10k / yr . Starter house is 300K)

3. Since my business is less than 2 years old, my income doesn't count at all.

So my problem is that while we could qualify for the assistance program (a $10,000 0% interest deferred loan), we won't be able to qualify for a mortgage (if we try without a co-signer as required by the DPA program)

My wife does help me with my business but I just don't pay her at the moment. Should I put her on the payroll in order to increase her income so that she can qualify for a loan on her own? What complications could arise from this? Would the extra payroll taxes negate the $10k anyway?

Thanks in advance for any help.

Sean