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Guest

Please help. Smile

We are looking for a lender that does conventional loans with a non-occupant co-borrower.

Basically, my husband and I are qualified for a FHA loan with my father co-signing. The only reason we need a co-signer is because we worked in a foreign country for several years and have only been back working in the USA for 1 year - therefore, we do not have US work experience for the last 2 years.

We have 20% down and hate the idea of paying $5000 for PMI PLUS $150 a month for 5 years for PMI when we have the 20%!

We went into escrow 4 days ago on a house in Southern California and would love to find a better loan asap!

Any help would be much appreciated!
Thank you!
Jeanette

michael_ueltschey · Joined: 11 Jul 2008 Posts: 15 6.47 Dollars($)

Jeanette,

You will be able to do a conventional loan with out your Father as a cosigner if you and your husband are salaried W-2 employees. If you are self employed you will have some issues.

Let me know if I can be any further assitance.

Michael

Guest

I am self-employed. From everything I've been told, we need a co-signer...
Are there any conventional loans that allow for co-signers?

Thanks!

jameshogg

Hi jeanetteb,

welcome back to forums.

There are conventional loans that allow for cosigners. Since you are self-employed, therefore I suggest that you look out for mortgages for the self-employed such as stated income loans and others. Know more on stated income loans .

The only reason why you need a cosigner for FHA loan is because you don't have a credit history in the US since you've been working in a foreign country. Anyway, you can send in your request for no-obligation free mortgage quotes to the lenders who are a part of this community. It's better if you ask for quotes on stated income loan as well as other conventional loans as it'll help you compare the offers prior to selecting the right one.

Thanks

Guest

im all set.. went into escrow and everything i just need a co-signer, can my signer be out of the coutry resident?

jameshogg · Posted: Sat Jan 16, 2010 12:35 am Post subject:

Hi amanda,

I think the co-signer should be the resident of US and not of any other country. You'll have to speak to your lender about it and check out if he would allow an out of country resident as a co-signer.

Thanks

Guest

iF MY HUSBAND CO-SIGNS FOR A LOAN FOR HIS SON WHICH IS MY STEPSON AND i DO NOT. wHAT HAPPENS IF MY HUSBAND PASSES AWAY BEFORE THE MORTGAGE IS PAID? wHO IS RESPOSIBLE FOR MY HUSBANDS PART IF THEY DEFAULT?

Guest

FIRST THING YOU WILL HAVE TO CO=SIGN WITH YOUR HUSBAND AS YOU ARE 50% PARTNER IN HIS EVERY ASSET UNLESS YOU ARE DEPRIVED OF IT BY PRENUP. IF YOUR HUSBAND PASSES AND ALL HIS ASSETS COME TO YOU THAN ALL HIS LIABILITIES WILL COME TO YOU AS WELL.

Guest

IF YOU OWN THE ASSETS OF YOUR HUSBANDS ON HIS DEATH, YOU WILL INHERIT HIS LIABILITIES TOO.

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