Can we use a non occupant co borrower?

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Icon Mini Profile mpooh1299





Joined: 18 Jan 2010

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Post Posted: Mon Jan 18, 2010 2:26 pm    Post subject: Can we use a non occupant co borrower?
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My husbands credit score is a 532, he has some collections, we were told that we could get his father to co borrower for us. Is this true with such a low score my husband makes over 75,000 a year and the house we want to buy is 69,000. Any help would be appreciated.
Icon Mini Profile jameshogg
jameshogg




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Post Posted: Mon Jan 18, 2010 9:12 pm    Post subject:
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Hi mpooh,

As far as I know, your husband will be able to get a loan with the help of his father, who can be the non-occupying co-borrower for the loan. However, his father should have a good credit score in order to be the co-signer of the loan. If your husband defaults the loan, then the lender can sue his father for the mortgage dues.

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Icon Mini Profile gmakerley
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Post Posted: Mon Jan 18, 2010 9:52 pm    Post subject:
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a score of 532 isn't likely to make any lenders come running. you didn't mention your own score, which we hope is substantially higher than your husband's. if it is, then the non-occupant coborrower scenario could work out if you are the borrower - fha loans only.
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