We took a new application this past week from a client who was relocating back to our area. She worked for a national company who is moving her from place A to our backyard. The scenario??
Excellent credit! Superb Income, Great Assets.....a lender's dream.
We issue a pre-approval and she puts an offer in and gets a contract for the home of her dreams.
THEN THE UNEXPECTED HAPPENS.......
She calls yesterday to talk about her severance package as she was "downsized."
THEN FHA POPS UP
With FHA they will allow for a non-occupying co-borrower. That's someone who won't be occupying the home, but who can assist that borrower in qualifying for the home. After the client is told about that she is almost brought to tears because she thought that she was going to lose her home. She knew that dad would step in.
The contract is being modified and the borrower is getting all of dad's docs to our company today.
FHA has so many good qualities, but this is one that is tangible and can differentiate itself from other loan programs!
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