When qualifying for a mortgage, the borrower(s) need to meet three main qualifications. Income – There are specific front and back end ratios depending on the mortgage program. And sometimes you can exceed such ratios with compensating factors. Credit – Mortgage programs now require credit scores, aka fico scores. You also need to show good credit performance on how you can handle your credit or that you have established credit. Assets – Depending on the mortgage program, you might need assets to close and or to show a specific number of reserves. I want to talk about … (6 comments)
When it comes to FHA co-signers for FHA loans, it is the same when talking about non-occupant co-borrowers. The term co-signers sometimes gets confusing when talking about mortgages. When co-signing for a mortgage, that person will still be on the mortgage and it will still count towards their overall credit. The co-signer can only be taken off if the primary borrower refinances the loan, even with a FHA Streamline. In this post, I will be talking about co-signers for FHA loans, because this is different when using a co-signer for a conventional loan. The main reason is because the … (8 comments)
There will always be some sort of mortgage myth in our industry or a piece of information given by a loan officer that is misleading. What I am about to talk about is regarding FHA loans and a borrower using a co-signer to help them purchase their new home. We call this a non-occupant co-borrower type of loan.
Let's first talk about co-signers for mortgages, because this term is used loosely throughout the real estate industry. When doing a mortgage, a co-signer is much different than when buying a car. When buying a car, you … (25 comments)
FHA loans have many features that still aren't talked about as much as one would think, because they are still fairly new to more than have of the loan originators out there. Now, some might argue half is very extreme, even though this is my opinion, I will still stick to this statement for many reasons. As a loan officer with more than 17 years of mortgage experience, the non-occupant co-borrower program is very simple to understand. FHA will allow a … (14 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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