| Author |
Message |
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
|
Post subject: |
|
|
where are you located, cece? stated income loans exist in some locales; maybe you're in one of them.
for non-occupant coborrowers, the same minimum credit score of 620 applies. income would have to be sufficient so that debt ratios are still in order, but there's no specific number there.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
|
|
|
mike66
Guest
|
|
Post subject: Removing an FHA co signer |
|
|
| What is the precess for removing a fha co signer from a note. |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
|
|
Post subject: |
|
|
cece, if you are seeking an fha loan, your cosigner will need a credit score of at least 620, and your combined income will need to allow you to afford the home you are planning to purchase. that's a simple answer - hope it's enough.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
|
|
|
San Francisco
Guest
|
|
Post subject: Am I considered a first time home buyer... |
|
|
Am I considered a first time home buyer if I co-signed for a friend as a non occupant co-signer? I'm interested in buying a home for the first time and was wondering if I still qualify for the first time home buyers tax credit of $8K.
Thank you. |
|
|
sunshineva
Joined: 15 Jun 2009
Posts: 78
6.76 Dollars($)
|
|
Post subject: Co-Signer for FHA loan |
|
|
Hello,
You stated you are just shy of qualifying. Would it be an option for your father to gift you a sum to lower the loan amount to your qualifying level?
Good luck. |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
|
|
Post subject: |
|
|
you are best-served by contacting the irs directly for that answer, but those who will not qualify are those who actually own real estate as a primary residence. therefore, you ought to be all right inasmuch as you are not an owner but only co-signer.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
|
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
|
|
Post subject: |
|
|
i have no idea how my above answer popped up on this discussion. it has no relevance to it, and it was intended for a whole different question.
sorry if any of you have been confused by this...i sure am!
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
|
|
|
Credit Dummy
Guest
|
|
Post subject: Home purchase |
|
|
| I accepted a job in another state and my wife and I are trying to relocate. The job will pay 55,000/year. I have poor credit though. My wife has a credit score of 656, and owns a condo where we are for which she still pays a mortgage. But she will be going to school in the fall, so she won't have any income. Under this scenario would we qualify for an FHA loan if she were a cosigner? |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
|
|
Post subject: |
|
|
it doesn't look favorable to me, cd. if you rent for a while and you can improve your credit quickly, there's a better chance later on.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
|
|
|
Stace
Guest
|
|
Post subject: Does the non-occupant coborrower have to be a relative? |
|
|
| Does the non-occupant coborrower have to be a relative? Basically I was looking to have my future in-law sign with me since my credit is over 735, but my fiance's is not. |
|
|
jea
Guest
|
|
Post subject: FHAUSDA |
|
|
| Hello, my current issue that I am having with USDA and FHA loan is even though I meet the required credit score. I only have 1 credit company reporting me. I have a great history on my current loans with not 1 late or missed payment. I have 2 current loans out with this company and 2 old loans I had with them. The credit score shows great payment history and they boast on my behalf. The company I have the great history with only reports to Transunion and none of the other credit companys. FHA and USDA require listing from 2. I have talked to equifax and they said they can not except non member trade data. Even my broker is upset he can not make this work cause my history is there. Is there any other options here other then using a co-signer with FHA? thanks in advance |
|
|
sherri
Guest
|
|
Post subject: owner-co-signer? |
|
|
| My dad owns the house I live in and I rent from him. I was told before that since he owns it, he can't co-sign for me to purchase it(my score is only 585). Is this true? |
|
|
CLS
Guest
|
|
Post subject: Second home purchase while trying to sell first |
|
|
Hi
Thanks in advance for spending time on this question. My wife and I currently have a home that we are trying to sell. It may take a while in this market. In the mean time we would like to purchase another property that is 165,000. We are going to put down $50,000. Our only debt is 2 car payments of $400 and $200 and our current mortgage payment. Both our scores are over 750. My wife is not working right now and my income does not meet the income to debt ratio. If I put my parents on as a cosigner what do you think the chances are of them approving me for a second home while the first is for sale. My parents have a 780 credit score and own their home free and clear. They have zero debt. Do you think I have a shot?
Thanks |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
|
|
Post subject: |
|
|
cls, you will not be able to obtain fha financing, which allows for non-occupant coborrowers. in seeking conventional financing, however, you will find that you will have to qualify on your own, regardless of having cosigners. you're not in a good position either way.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
|
|
|
savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
|
|
Post subject: |
|
|
To Stace,
A non-occupant co-borrower does not have to be a relative. Anyone who qualifies for a loan can co-sign. Your future in-laws can also co-sign on the loan to help you qualify.
To jea,
It's strange that you have your credit report with only one credit bureau. The lenders would generally want to have a look at your three credit reports from the three different credit bureaus. They will then take your middle score in consideration while approving your loan. I think you should take help of a co-signer, if you want to get an FHA loan. Once you make your mortgage payments on the loan and have credit scores with all three of the bureaus, you can refinance solely in your name and remove the co-signer from the loan.
To Sherri,
I think what you've been told is correct. Your father is the owner of the house. You cannot use him as a co-signer to purchase the same house. However, he can co-sign on your loan, in case you want to buy a different house. |
|
|
Previous 1, 2, 3, ... 24, 25, 26 Next 
