Have you been told that your credit is good enough to get a loan, but your debt to income ratio is too high?
In other words you either need more income, or less bills.
Here is one possible solution to that.
FHA loans allow you to include a non-occupying co-borrower on the loan. …This would be someone that goes on the loan with you, but won’t be living in the house.
The benefit is you can use their added income to help you qualify for the loan.
There are some rules on non-occupying co-borrowers you need to be aware of…
1) For one unit properties only.
2) Non-occupying co-borrower is related to the borrower by blood, marriage, or law, or
3) Non-occupying co-borrower can document a family-type, long-standing relationship with the borrower unrelated to the loan transaction.
So, if you are in this situation, and would like to see if you would qualify – give me a call or shoot me an email. I’ll be happy to see if we can get you financed.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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