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barajasm · Joined: 07 Jun 2009 Posts: 1 0.47 Dollars($)

does fha loans allow co signer?

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Yes FHA loans do allow co signers if there needed.

danielcorral13 · Joined: 20 Apr 2009 Posts: 53 0.69 Dollars($)

Hello Everybody Very Happy

,

Ya, in FHA does allow to FHA loan co-signer if it need to complete loan. If you do not want to keep co-signer you can do it with FHA loan.

Thank you so much,

Daniel Corral. Very Happy

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Yes, it allowed. Laughing

robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.48 Dollars($)

yes it is upto your need. if first applicant has sufficient income & credit score, it is not required.

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

But if you qualify on your own its the best way to get it just under your name. But if needed then yes use a co signer.

gmakerley · Posted: Mon Jun 08, 2009 12:57 pm Post subject:

lots of shiny, happy people here. all in agreement, yet!

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

a cosignor for an fha mortgage can only be for a single family resident unless the cosignor intends to occupy the property. I have seen many clients mistake a co-signor for a co-borrower. The cosignor is helping you apply and qualify for the loan and may not occupy the residence. A coborrower is typically a spouse and will occupy the property. But if this person is looking for a parent to cosign and is buying a 2-4 family the cosignor will not be allowed. If any questions email "brian@bffconsulting.com"

[Email address deactivated as per forum rules]

gmakerley · Posted: Thu Jun 11, 2009 7:14 am Post subject:

actually, brian, a non-occupant cosigner is allowable for 2-4 family dwellings. however, maximum financing in those instances is not available. i can assert this because i recently had a client with whom i was working and there was going to be a parent cosigning. unfortunately, the increased down payment requirement forced them to rethink things, and to back off the proposed purchase.

Posted: Thu Jun 11, 2009 7:39 am Post subject:

George are you speaking about an FHA mortgage or a conventional one, for fha you can only use a non-occupant coborrower on a single family to help them qualify. if they already qualify for the mortgage fha or conventional it makes no sense for the cosignor to be added. all persons used to qualify for a 2-4 family mortgage must occupy the property for FHA.

gmakerley · Posted: Thu Jun 11, 2009 7:55 am Post subject:

i'm talking about fha - as i said, i just had a deal that didn't go through because of down payment requirements. i spoke directly with the fha and also received an email back from the fha resource center.

i'll cite what the FAQ section forwarded to me reads:

Q. how do i determine the loan amount when i have a non-occupant coborrower?
A. when there are two or more borrowers, but one or more will not occupy the property as a principal residence, the maximum mortgage is limited to 75 percent ltv. however, maximum financing as described in HUD Handbook 4155.1 REV-5, paragraph 1-7, is available for borrowers related by blood, marriage or law (spouses, parent-child, siblings, stepchildren, aunts-uncles/nieces-nephews, etc.), or for unrelated individuals that can document evidence of a family-type, longstanding, and substantial relationship not arising out of the loan transaction.

further along, it reads: to reduce risk exposure, mortgages with non-occupying co-borrowers are limited to one-unit properties if the ltv will exceed 75 percent.

suffice to say, the Handbook is pretty clear that multi-family dwellings can be purchased with a non-occupying co-borrower - 75% ltv is the cap, however.

Posted: Thu Jun 11, 2009 9:47 am Post subject:

Okay so if I am applying for an FHA loan can I have my mother co-sign for the loan but not be placed on the title for a single family townhome?

gmakerley · Posted: Thu Jun 11, 2009 9:50 am Post subject:

yes, guest, that is a reasonable thing to do.

Posted: Thu Jun 11, 2009 9:52 am Post subject:

Would it then be possible to have her removed from the loan granted all mortgage payments are made on time by me without refinancing?

gmakerley · Posted: Thu Jun 11, 2009 9:54 am Post subject:

not as a general rule, it wouldn't; that doesn't mean you can't make that request to the lender, though. i say that because lenders like to be safe, and the safest position is to have as many people obligated as possible.

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