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July 07, 2007

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Comments

terry riordan

what if a non occupant co borrower has no credit? no scores? but works and has income? Can they qualify to co sign so as to help with income?

Christopher Moore

Does the FHA require that a non-occupant co-borrower be a family member?

Adam Carroll

Jeff,

We have a duplex that the borrower is trying to use his mother as a Non Occupying Co-Borrower. We are being told that we're limited to 75% by one u/w and another (from diff company) is saying if it's a family member, that isn't the case. The fact that this is a two-unit property (OO by borrower) throws a monkey wrench in it.

Thoughts?

FHA Lender

For what it's worth- FHA will allow a non-occupying co-borrower that is a family member to have an existing FHA loan on their current residence. See link: HUD Handbook 4155.1, Rev-5, CHG-1

Marie

What if the main borrower is married and has their father cosign? Will the main borrower's spouse' debt still need to be reported - especially if that debt is not shared by the main borrower?

Jeff Belonger - The FHA Expert

@ Adam.. I aplogize for not getting back to you. I must have missed that e-mail and I know longer use Tyoe Pad to submit my posts on... In regards to your question, if the non-occupant is a family member/relative, it doesn't matter. If it's not a family member/relative, yes, you need 25% down.

@ FHA Lender.. yes, I know this..


@ Marie... it depends on what state that you are buying in. Some states are .. and I can't think of the term. But even if the spouse is not going to be on the mortgage, that person's debt is included. But I am not sure 100% of what you are asking. Maybe we can talk on the phone? Cell : 609-440-5133 and my e-mail is jbelonger@ihmci.com I also belong to a group of mortgage professionals from all over. We have a questions & Answers section on our main site. The direct link is : http://mortgagemythbusters.com/questions/

Our main site is www.mortgagemythbusters.com

Again, please don't hesitate in calling me, so I can better understand your question. thanks, Jeff

collene

Jeff, we have a two year old short sale on our history. We need an fha loan with a 3% down payment. I know short sales require a 3 year wait, but if we have a cosigner will this type of loan be possible??

Anna S

Do I still have to pay mortgage insurance if I put 20% down FHA?

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