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vicsvox
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Oh, wouldn't that be nice. The real problem is that there's too many numbers flying around here, and not enough $... Have a great day!  Thanks George! |
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TCat
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Post subject: using a non occupant borrower to qualify for a FHA Loan |
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| I am told I have 700+ credit, but a credit thin file. I have a credit card as my only credit account, and live with my parents. I have a cell phone and car insurance as my only other sources of monthly payments. Can my dad co-sign? I am taking it for granted that he would have credit and he does own his own home and has an auto loan and some credit card debt. My lender suggested I rent for a year, but I found a home close to my brother's and I want it now! |
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MedStudent
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Post subject: FHA loan questions |
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Hello
We are looking to put in an offer at the end of March. My husband and I have a excellent credit, retirement and vehicle assets and can put 20% down. Since he has student loan debt (even though will be deferred) and I will have to relocate my job ( cannot use my income) we cannot do a conventional loan I believe. He will be beginning his doctor residency in July. He will get a contract that will state how much his income will be. Will FHA loan qualify us with his income and use his contract? Also his mom could co-sign with us. She owns a couple rental properties, has her own home and has net worth over $600K. Would we still qualify for the first time home buyers tax credit if she was our co-signer? Last question I have is with 20% down do we avoid paying MIP (monthly fee .5%) and PMI (upfront 1.5%) or are we still stuck paying a monthly fee due to it being an FHA loan? Any advice would be greatly appreciated. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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anonymous98999
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| i already cosigned for a loan for an FHA loan for my daughter can i co sign for an FHA loan for my son as well my credit is very good and my income is sufficient?? |
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pjscheible
Guest
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Post subject: Birth certificates |
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| Are birth certificates needed to show blood line as a relative in order to qualify as a cosigner? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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i would find it unusual for someone to request your birth certificate to prove a bloodline, but lenders have changed all the rules in the last few years - why not create another barrier to sensibility.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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MedStudent
Guest
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Post subject: Rates FHA |
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| Are rates on a 30 year Fixed FHA loan different than a 30 year fixed conventional loan? If so how much different? |
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Jasmine
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| The rates may vary to some extent. This depends upon various other factors associated with the market. You can speak to a lender and he would help you with the present FHA and conventional loan interest rate for a 30 year fixed. |
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Stacey
Guest
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Post subject: Co signer |
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| So, on your above post about "Can a cosigner help you qualify even if you have bad credit?" you cannot qualify if you have bad credit and your cosigner has good credit? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi Stacey!
Welcome to forums!
If the co-signer has a good credit, then you would be able to qualify for a loan. The cosigner, like you, would be equally responsible for the loan. If you default on your mortgage payments, the lender will sue the cosigner for the payments.
Feel free to ask if you've further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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stacey, it matters much just how "bad" "bad" is. if your scores are so low you can't get under them, then a cosigner isn't going to accomplish much. the best bet is to discuss this with a lender to see where you stand right now.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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New home buyer
Guest
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Post subject: Looking at a new home |
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| My husband and i are tryingto buy our first home, neither of us have a 620 credit score due to issues in the past, His is better at 588, and His parents are willing to co-sig but the leder says we can't get a loan with or without a co-signer. But will not explain why. is there a reason that he will not even try. Isn't he obligated through the FHA to atleast try? |
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Visitor J
Guest
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Post subject: Occupant borrower with no income / FHA |
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Will FHA allow an occupant co-borrower with no income/employment, if there is a non-occupant co-borrower with income / employment?
Thanks! |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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To New home buyer,
I would suggest you to have a word with the other lenders of your area and check out what they have to say in this regard. You may even seek a no obligation free mortgage consultation from the lenders of this community. This will help you know whether or not you would get a loan.
To Visitor J,
As far as I know, FHA will not allow an occupant co-borrower with no income to cosign for a loan.
_________________
Good is the Enemy of Great. |
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