topic Re: FHA Loan in Mortgage Loans

FHA Loan

Anonymous — Mon, 15 Jul 2013 21:41:15 GMT

I have no proof of income--no bank account--w2s etc. I have a credit score of over 600 and am looking for a FHA loan in Illinois. My father--who has A+ credit will co-sign. Is this a possibility? I keep hearing mortgages are different then car loans--the primary buyer must meet certain requirements, Any help/advise??

Re: FHA Loan

pizzadude — Mon, 15 Jul 2013 23:05:12 GMT

Moving to mortgage loans.

Re: FHA Loan

Anonymous — Tue, 16 Jul 2013 03:49:30 GMT

FHA will require everything you don't have.

Do you have a job and income? How would you pay for the house?

They will want bank statements. You have no bank. They will want 2 years of tax returns. You have none of those. Does this mean you are not working? Or are you working under the table and failing to report income?

No one will give a home loan to a ghost.

Re: FHA Loan

Anonymous — Tue, 16 Jul 2013 16:01:33 GMT

@Anonymous wrote:
I have no proof of income--no bank account--w2s etc. I have a credit score of over 600 and am looking for a FHA loan in Illinois. My father--who has A+ credit will co-sign. Is this a possibility? I keep hearing mortgages are different then car loans--the primary buyer must meet certain requirements, Any help/advise??

Yeah, your father will have to buy the house and let you live in it or rent it to you.

Based on what you've described, you have to ask yourself...Would you loan yourself several thousand dollars on nothing more than good intentions? Probably not.

Re: FHA Loan

tooleman694 — Tue, 16 Jul 2013 16:56:31 GMT

You can do an FHA non-occupying borrower with your Dad as long as your credit scores are 640.

Re: FHA Loan

StartingOver10 — Tue, 16 Jul 2013 17:21:32 GMT

@tooleman694 wrote:
You can do an FHA non-occupying borrower with your Dad as long as your credit scores are 640.

Toolman, I'm not sure the OP can even be on the loan without having any verifable income at all or assets, all the OP has is a credit score at this point.

His Dad would have to be the purchaser and the Op could rent it from his Dad. His Dad would have to qualify for the loan under his name alone.

Re: FHA Loan

Anonymous — Tue, 16 Jul 2013 23:39:04 GMT

I found this: The FHA official site says, "Co- borrowers take title to the property and are obligated on the mortgage note and must also sign the security instrument. The co-borrower's income, assets, liabilities, and credit history are considered in determining creditworthiness." So that would not help me? He has no debt and lots of assets.

Re: FHA Loan

Anonymous — Tue, 16 Jul 2013 23:45:29 GMT

And this:

With stated and limited doc qualifying programs widely eliminated from the marketplace, it’s getting tougher and tougher to qualify borrowers for homeownership these days. However, FHA allows options where non-occupying family members can co-sign to assist some borrowers in qualifying when the intended occupying borrowers may not meet every guideline requirement to qualify for the loan themselves.

FHA’s non-occupant co-borrower options are perfect for a number of situations such as these:

· Occupying borrower works for cash income

Re: FHA Loan

Anonymous — Fri, 19 Jul 2013 13:02:25 GMT

FHA does in fact allow borrowers with no income to obtain a mortgage if the non-occupying coborrower qualifies for the loan. A common example of this is college students buying a home as the occupying borrower and their parents as the non-occupying coborrower.

Re: FHA Loan

Anonymous — Sun, 11 Aug 2013 17:50:51 GMT

Thanks for the assistance. Tooleman and Johnny are correct as I got pre approved with an excellent interest rate and my father is on the loan as a co borrower--he does not have to rent it to me!