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No Credit? No Job? You Can Still Get An Arizona Mortgage!

By
Mortgage and Lending with Arizona Wholesale Mortgage Inc.

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.

party animal needs a kiddie condoIf 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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Comments (10)

Karen Crowson
Coldwell Banker Residential Brokerage - Rancho Bernardo, CA
Your Agent for Change

Isn't she just adorable?  Love the pink hair. Creative way you packaged very good info into this blog. Nicely done!

Apr 09, 2011 02:38 AM
AZ Mortgage Broker: Michael George
Arizona Wholesale Mortgage Inc. - Phoenix, AZ
AZ Mortgage Rates

Thank you Ms. Karen!

Apr 09, 2011 02:40 AM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Michael, we have a lot of parents do this for their children at University of Michigan. It is a wise decision.

 

Apr 09, 2011 03:06 AM
AZ Mortgage Broker: Michael George
Arizona Wholesale Mortgage Inc. - Phoenix, AZ
AZ Mortgage Rates

Very wise Missy. Very, very wise. And, of course, everyone knows that people from Michigan are super-smart and super-cool.

Apr 09, 2011 03:10 AM
Ann Allen Hoover
RE/MAX Advantage South - Hoover, AL
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

How great is this?  Your spokesmodel is quite the cutie pie......even though she may also be a wild party girl.

Apr 09, 2011 03:12 AM
AZ Mortgage Broker: Michael George
Arizona Wholesale Mortgage Inc. - Phoenix, AZ
AZ Mortgage Rates

Yes Ann. She is a cutie pie. "And now we are going to throw partieeees!"

Apr 09, 2011 03:19 AM
Anonymous
Andrew Ridgely

I am still mad at you for breaking up Wham!

Apr 10, 2011 10:43 AM
#7
Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Cute Michael, and a fun way to get your marketing message out!  I do love creativity!
Pamela

Apr 11, 2011 10:01 AM
Timothy George
Arizona Mortgage Rates - FHA Mortgage Loans in Arizona - Glendale, AZ
Arizona Mortgage (602) 492-6847

That was a great video Michael!  Good job!

Apr 17, 2011 10:09 AM
AZ Mortgage Broker: Michael George
Arizona Wholesale Mortgage Inc. - Phoenix, AZ
AZ Mortgage Rates

Thanks Tim. I didn't really do anything of course... But I certainly appreciate the compliment! I have to do something useful with that dang YouTube channel! 

Apr 24, 2011 11:03 PM