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Is there a lender who will do a conventional loan with a cosigner?

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kristarose Joined: 27 Sep 2009 Posts: 1 1.40 Dollars($)	Posted: Sun Sep 27, 2009 9:15 pm    Post subject: Is there a lender who will do a conventional loan with a cos Like 0 Dislike 0 I am looking into buying my first home. I have been pre-approved with my father co-signing for an FHA loan. However, the house I have found will not pass the FHA inspections (a minor roof issue). A seller repair is not an option, and I DO NOT/ WILL NOT work on a house that I do not own. So I want to go conventional I have 20% down, however, I am self-employed and a recent college graduate with perfect credit, but I lack a proof of income since I JUST started in the real working world. I need to find a lender that will allow a cosigner or non-occupant borrower on a conventional loan that I have 20% down. Once the house is closed on THEN, I can make the repairs needed. Tick tock, the tax credit clock is ticking and I need to make a closure! Thanks for the help in advance.
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Mon Sep 28, 2009 2:41 am    Post subject: Like 0 Dislike 0 As far as I know, conventional lenders will be ready to finance the property if you have a cosigner with good credit and steady income. However, you may have to include the cosigner's name on the property deed. You should contact the conventional lenders of your area and check out if they would be ready to finance you. Check out the rates and terms they are offering you. This will give you an idea whether or not you would be able to afford the loan. You may even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know whether or not you would qualify for a loan. _________________ Good is the Enemy of Great.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Mon Sep 28, 2009 8:52 am    Post subject: Like 0 Dislike 0 conventional loans with non-occupant coborrowers have a requirement that is going to prevent you from borrowing. in order to obtain such a loan, you will have to qualify for the loan yourself. since you have limited self employed history, that's going to present a problem. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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