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I'm asking this for a friend.
She is looking to purchase a home, the area she is the rent is insane and a mortgage would be about half the average rent.
She is wanting to go FHA but since her income the last two years has been low since she is trying to establish herself in the business. She has excellent credit and no debt though.
She thinks her mom would cosign for an FHA loan, her mom makes about 40k a year before taxes, has excellent credit and little debt ~5k and has been at the same job for 30 years.
Would it actually be possible for her to get an FHA loan? Based on you all's experience she is looking for input. Combined they probably make 50k a year.
You would need to share more information in order to provide a better response, see the stickies at the top of the forum .
fha allows for a nocb(non occupant co-borrower)
so yes, it can happen.
She got a pre-approval today with no conditions since their middle scores were 778 and 784. The loan originator was shocked and said it was the easiest pre-approval she's given out in years due to the excellent credit and little debt.
She's happy about that and said it was very pain-less.
@Anonymous wrote:She got a pre-approval today with no conditions since their middle scores were 778 and 784. The loan originator was shocked and said it was the easiest pre-approval she's given out in years due to the excellent credit and little debt.
She's happy about that and said it was very pain-less.
Glad to hear it was painless.
The part that is slightly more difficult is for each borrower to provide all the documents. She might want to put together her paystubs, tax returns, W-2's etc so that when she has found a place and has a contract accepted she can provide the documentation the lender needs right away. That way it will continue to be painless
@StartingOver10 wrote:
@Anonymous wrote:She got a pre-approval today with no conditions since their middle scores were 778 and 784. The loan originator was shocked and said it was the easiest pre-approval she's given out in years due to the excellent credit and little debt.
She's happy about that and said it was very pain-less.
Glad to hear it was painless.
The part that is slightly more difficult is for each borrower to provide all the documents. She might want to put together her paystubs, tax returns, W-2's etc so that when she has found a place and has a contract accepted she can provide the documentation the lender needs right away. That way it will continue to be painless
I will defintiely relay the message about getting all the paperwork in order!
One thing to keep in mind with a co-borrower on FHA loans if you are in a community property state only: if your mom is married, her husband's debt will be factored into the DTI ratios even if her husband is not on the loan.