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)
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)
FHA has always allowed a buyer to get the help of a relative to help them qualify for their purchase of a new home, without that person living in that new property. This would be known as a non-occupant or non-occupying co-borrower. On the conventional side of things, this is known as a co-signer. But there are more restrictions and guidelines when going conventionally. Keep in mind, a the co-signor or non-occupant co-borrower is not their to help you qualify based on your credit. The sole purpose is to help you qualify you with your income. Many think … (8 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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