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@vizon wrote:
@StartingOver10 wrote:1) Yes, you can have a non-occupant co-borrower for an FHA loan.
2) However, as pointed out, he has to qualify for the loan too. His tax liens are a problem, unless he has been making payments on them and can show at least 6 months of on time payments.
3) Can't you prove your income via your tax returns? Or has your accountant been too aggressive?
4) Your father can gift you a large lump sum and you can go to a company like TrustCo that handles portfolio loans for these type of situations. TrustCo is a regional bank. The loan is a conventional loan and not sold on the secondary market. The rate is a good rate too, but the residence has to be a primary (like you want it to be).
Good luck.
Also, to number one - there is a difference between a co-borrower, and cosigner. A coborrower is on the deed, the cosigner is not. FHA allows both.
I havent done a loan in several years where the lender would allow a cosignor.
If you are on the application you can almost bet the house you are a co-borrower.
What FHA says and what the Lenders say are a whole different story.
Just think of scores as an example, while one Lender will accept a 580 minimum FICO credit score, and other Lenders a 620, and most 640, while some are even at 660, FHA score requirements are even much lower. FHA allows lower scores, but trying to be approved with a lower score in todays market is non existent.
Another Clarification, just because you are Co-Borrowing on a home loan does not mean you are on the Deed. Any one can be added to a Deed, or not added to a Deed.
@JM-AM wrote:
@vizon wrote:
@StartingOver10 wrote:1) Yes, you can have a non-occupant co-borrower for an FHA loan.
2) However, as pointed out, he has to qualify for the loan too. His tax liens are a problem, unless he has been making payments on them and can show at least 6 months of on time payments.
3) Can't you prove your income via your tax returns? Or has your accountant been too aggressive?
4) Your father can gift you a large lump sum and you can go to a company like TrustCo that handles portfolio loans for these type of situations. TrustCo is a regional bank. The loan is a conventional loan and not sold on the secondary market. The rate is a good rate too, but the residence has to be a primary (like you want it to be).
Good luck.
Also, to number one - there is a difference between a co-borrower, and cosigner. A coborrower is on the deed, the cosigner is not. FHA allows both.
I havent done a loan in several years where the lender would allow a cosignor.
If you are on the application you can almost bet the house you are a co-borrower.
What FHA says and what the Lenders say are a whole different story.
Just think of scores as an example, while one Lender will accept a 580 minimum FICO credit score, and other Lenders a 620, and most 640, while some are even at 660, FHA score requirements are even much lower. FHA allows lower scores, but trying to be approved with a lower score in todays market is non existent.
Another Clarification, just because you are Co-Borrowing on a home loan does not mean you are on the Deed. Any one can be added to a Deed, or not added to a Deed.
I can honestly say I am not very versed on the subject but this is something I have looked into with great detail with the 2 agents in my office, LO and online... A co-borrower must be a live in person, while a co-signer is someone that does not live on the property. The co-borrower is on the deed, while the co-signer is not. I've literally read this on every website I've researched and that is what I was told prior to even looking into it. (I know FHA has the rules of how long you must live at the property without renting and what-not.)
Co-signer...co-borrower, doesn't really matter what they are called, bottom line is that they also need to meet the minimum qualifying credit score.
Actually I did not show positive income for the two years previous they are looking at an average income via bank statements as they could see capital purchases such as vehicles being purchased for the corporation. They see there is income and assets but the loss which the accountant helps you make sure will show on the business is then written off as a loss carry forward for the shareholder to reduce the adjusted gross income. They stated that without the large reserves and assets they would have rejected my loan so yes a loan with showing losses on tax returns can be done but it is not an easy process only way to know is to try.
And who knows I am not through underwriting yet so they still could shoot me down you never can tell but I got my first round of conditions and satisfied all so we will just have to see what the underwriter comes back with.
Vizon, if you need a lender that will do a non-occupant co-borrower for your FHA loan, PM me and I will send you the name and the number of a great LO.
@StartingOver10 wrote:Vizon, if you need a lender that will do a non-occupant co-borrower for your FHA loan, PM me and I will send you the name and the number of a great LO.
Ok, going to PM you! Thanks
PM sent.