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juju
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Post subject: non occupant co borrower income |
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| When doing an FHA purchase and using a non occupant co borrower how much of their income can you use or do you do it just like a regular co borrower???? I have looked through HUD handbook 4155.1 and cannot find anything on the nocb income.. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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whatever the income is, that's what should be used. it wouldn't be discounted for qualifying purposes.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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GregPTC
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Post subject: FHA loan co-signer |
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| I don't make enough money to qualify for a 250k loan and my boss is willing to co-sign for me but the person helping me with the loan is telling me that it needs to be a blood relative. Is that correct? Also, he already owns like 3 properties, can I still qualify for a 1st home buyer bonus since he will be a non-occupant co-signer and last I saw in this webiste that he doesn't have to be on a the loan or the title? Is this correct? Please help. |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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I personally believe that it's better to let a blood relative cosign for your loan. Moreover, as your boss owns 3 properties he won't be able to qualify for the first time homebuyer's tax credit. Also, there are high chances that the lender will not allow him to cosign for the loan if he already has a mortgage for his properties. In order to cosign for the loan, your cosigner will have to be on the title and the mortgage.
_________________
Good is the Enemy of Great. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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i don't know of any lenders who would allow a boss to be a cosigner on such a loan. i don't have the time to research the regulations now, but i'd be of the opinion that those would tell us that cosigners have to be relatives - not necessarily blood relatives, as inlaws would be a sensible allowance, i think.
but i disagree with niicss' stance that a coborrower would have to become an owner of the property - signing the note is obviously a requirement, but becoming an owner isn't.
and back to greg - if the coborrower wasn't on the loan, what benefit would there be to have a "cosigner"? one cannot cosign something without signing something, after all.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Aaron J.
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Post subject: using a co signer to qualify for an FHA loan |
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| I am a student working towards my business degree; my fiance has had steady employment for over 4 years, but doesn't make a lot of money (around 30K/yr). Would it be possible for my parents, who make a substantial income, to co sign on an FHA loan with my fiance and completely leave out my income and debt, even though I will be living in the house with my fiance? |
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tfaulhaber1
Community Expert
Joined: 17 Dec 2009
Posts: 562
75.68 Dollars($)
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Yes. Your parents will be considered as non-occupying co-borrowers.
_________________
Theo (Ted) Faulhaber
516-403-9116
516-634-4417
tfaulhaber (at) vanguardfunding.net |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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aaron, your status won't deter any lender from doing the loan, as long as all the other aspects of it meet the requirements.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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vicsvox
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Post subject: |
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I am self employed $11,000. income with a 800-plus credit score. I own a property outright valued at $140,000 and have no debt.
My fiance has an income of $93,000 but has a 400 credit score because of unpaid debt that he's trying to clear.
After we marry, does it look more promising for us to hold onto my house (asset) to obtain an fha, or to sell to use as a down payment?
Or, try to aquire a fha loan with his income, after selling my property to help pay off his debt, and use the rest for down payment? Also, will paying off his debt instantly bring back his credit score?... Thank you so much for any input you can give me! |
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Jake
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Post subject: cosigner |
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| my wife and I have enough income, but our credit scores are in the 550s. We keep getting conflicting info. Some say a cosigner would help us qualify while others insist all borrowers need to have a mid score of at least 620. Can you tell me who is correct? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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to vicsvox:
there's no such thing as an instantaneous rehabilitation of someone's credit score. if his score is 400, then i have to presume that there's nothing favorable showing up on a credit report. in order to bump scores, he'd have to have favorable data on there. and, of course, nobody in their right mind is going to afford him credit when they look at that score and the track record it reflects. as a result, i'd say you need to be the only borrower and hope that he rehabs himself post-marriage. i don't know what benefit holding on to your home would do in terms of obtaining a new mortgage - if you wish to hold on to it and get rental income, that's okay, but likely not a big deal in the overall scheme of things. i really can't address the "promising" part of the question - not sure what you're asking.
to jake: there are lenders who do fha loans with scores as low as you cited. most, however, have gravitated to the 620 threshhold and won't consider anyone with lower scores for a loan. if you've found a lender who can help you with your scores, then you may as well take advantage of that.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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vicsvox
Guest
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| By saying promising, I meant the better option to apply for approval. I was hoping with what I had to offer, combined with him paying off his debt now, could we aquire a loan together within the next 6 months. But after reading earlier posts, and what you pointed out to me, I see that I cannot use him as a cosigner even though his income is favorable because of his credit score. Thank you for your help. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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truly, 6 months would be instantaneous in correcting a score such as you've mentioned. i'd hope that with your income you'll be able to qualify for the home you wish. if you have your own debt, you might be well-advised to use his income to retire some of that, which would enhance your qualifying power. hopefully, he'd see the benefit inasmuch as the two of you would be joined together shortly anyway.
i thought your promising question was along those lines, but didn't want to be presumptuous.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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vicsvox
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Post subject: |
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| As i've mentioned on my earlier post, I have no debt. Unfortunately it all comes down to my income not being enough and his low credit score. Bad combo. I'm glad I found you in this site. Very informative and will help me to find a better path. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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my apologies, though - i misread your $11000 income as $110K! i guess i skipped right through and dreamt up that extra zero.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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