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Our
government FHA program allows for a buyer, who may be weak due to income to
still qualify for a loan with a non-occupant Co-Borrower.
A
non-occupant, Co-Borrower is exactly as it sounds.
It is a family member who will “co-sign” for the primary borrower and
who will NOT live in the property. A
family member could be a Mother, Father, brother, sister, grandparent, aunt,
uncle or any combination of this list.
The
qualification is easy. We add up the
total income between both borrowers and the total debt of both borrowers
(including the mortgage payment of the co-signer, (if applicable).
As long as the mortgage payment on the subject home is less than 31% of
the total monthly income of the
borrowers and the subject mortgage payment, plus all debt is less than 43% of
the gross monthly income of both borrowers, the loan can be approved.
We have
financed hundreds of customers with this creative program.
A few more
notes to be aware of….
1.
The down payment is only 3.5%
(and this can be a Gift from a family member)
2.
The seller can contribute up
to 6% of the sales price toward costs to close.
3.
Credit does NOT have to be
perfect.
4.
Only 2 years waiting time
required from Chapter 7 Bankruptcy (if applicable).
Why throw
money away on Rent? With a non-occupant, co-borrower, you can be a homeowner!
Call Dan
Palumbo today for more information… 800-817-8743.
Dan Palumbo, FHA specialist and Licensed
Mortgage Banker
*Qualified
Borrowers. This informational
material is not an advertisement to extend consumer credit as defined by Section
226.2 of Regulation Z. Rates
and terms are subject to change. Please
call for current information and quotes. Licensed Mortgage Banker-NJ
Department of Banking
Equal Housing Lender