This girl really likes to party. She likes swimming pools. She likes it all. She's a total party animal.
Of course, she isn't really an Arizona Wholesale Mortgage Client. She isn't old enough to have a job and everytime you want to talk about interest rates, she just wants to talk about how much fun she's going to have and blah, blah, blah...
She has no attention span whatsoever. I would put documents in front of her, and she just flipped them over and used the blank side to doodle.
Then I found out she didn't even have a job. Oh but she can talk away all day on her Barbie cell phone!
This particular borrower was unable to qualify for herself, so she looked to her parents for assistance. Fortunately, her parents are far-less party-minded and actually work for a living. Thank goodness for mom and dad, right?
If you are an Arizona first time home buyer, and you have a job, we can help you find a mortgage. Even if you have no credit!
However, if you are a first-time home buyer and you are just a kid without a job, we may still be able to help you qualify for an Arizona FHA loan, but you will likely need your parents as co-borrowers.
If you are a student-- at ASU for example-- and you want your own place, your parents can help you qualify for an Arizona mortgage by putting their signatures on your loan documents. In the business, we call this a "kiddie condo." (The "FHA kiddie condo program" is not actually an FHA program at all-- it's just a term that was coined by mortgage folks.)
Nonetheless, we often have clients who want to buy a home for their college student children. The parents figure that it would be far less expensive, in the long run, to buy a home for their kid than to pay for Arizona State University housing. (And these are very smart parents indeed!)
So the parents list themselves as a co-borrower. It happens so often that mortgage brokers started calling an FHA loan with a non-occupying co-borrower (mom and dad) a "kiddie condo."
If you are a student and you have no credit or good credit, and you have a co-borrower (your parents) who can qualify for two payments (their housing expense AND yours), you can still get an FHA loan.
If you have BAD CREDIT, nobody can help you. Mortgages are not like auto loans. There is no such thing as a co-signer on a mortgage loan. If you have bad credit, you will not get a mortgage, even if Bill Gates is your co-borrower...or co-signer.
But if your parents can qualify for two house payments, you too can have a swimming pool, and parties, and all the other advantages that come with being a homeowner, just like the little girl in our video. Just try not to party too much. Someday, you'll get a job and you'll want a mortgage of your own. And thanks to your parents and the FHA "kiddie condo," you'll have the credit to do so!
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