With so many government home loans available to first time home buyers, I really don't see why someone who can buy doesn't. If you want to know whether you qualify for a home loan in Downey CA call me at (562) 916-3237. If you want to buy a home in San Diego, Call Robert...go over to Robert's blog and let him know that you appreciate him taking time to write this informative blog.
FHA has a great feature where you can have a non-occupany co-borrower help you qualify if you can't qualify on your own. Below are some bullet points for the FHA loan requirements for non-occupant co-borrowers:
- The non-occupany co-borrower on the FHA loan must be a realtive
- The FHA lender will take the lowest middle FHA loan credit score of ALL borrowers
- All the income of all borrowers is combined
- All the debt obligations of all borrowers is combined
- FHA loan requirements do not allow non-occupant co-borrowers on 3-4 unit properties
The best co-borrower to pick as your non-occupant co-borrower would be someone with good income, good credit and low debt. Picking a non-occupant co-borrower with a lot of debt would defeat the purpose because they would not add any income to help you qualify.
Read more at: http://www.socalfhahomeloans.com/
If you have any questions about getting approved for a FHA loan in California don't hesitate to call at 858-922-7899 or email at firstname.lastname@example.org.
Sr. Loan Officer Affinity Financial