Real estate blog entries tagged with nonoccupant coborrowers by Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media

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Home : Blogs : Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans : Mortgage Knowledge at its BEST!!!! (Jeff Belonger) : Tag "nonoccupant coborrowers"

nonoccupant coborrowers: FHA Gift of Equity Loans - 07/19/07 02:33 PM

FHA allows for sellers to gift to the buyer part of the equity of the house that they are selling. This is called a gift of equity, but can only work between those that are relatives. This gift can be used for both the down payment and the closing costs. All other FHA guidelines apply to this type of purchase. ie. Credit qualifying and income.
Keeping in mind again that this can only be done amongst relatives.
How is this achieved? There are 2 ways for this to happen. And keep in mind that both the seller and buyer have to be a … (16 comments)

nonoccupant coborrowers: FHA -- Non-Occupant Co-Borrowers, are they allowed? - 07/07/07 05:14 PM

FHA will allow a co-signer that is not living in the house unlike conventional loans in which the borrower still needs to meet certain qualifying ratios even if they have a co-signer. This can be great for first time homebuyers. One thing that so many get confused no matter what type of loan they are applying for is that a co-signer with good credit can't overcome the bad credit of the primary borrower. Meaning that the co-signer with good credit can't get you a better priced loan.
On FHA loans, 100% of the co-signer's income can be used no matter … (24 comments)

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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

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