I currently have a home in another state that I am in the process of selling, however, although I have a buyer already living in & renting the house, it is not "sold" as of yet. I have found a great buy at my current location, but due to the fact that I am recently retired and have a mortgage already, I cannot qualify for a loan on my own. My daughter has offered to co-sign the loan --- she has a very good income and only one very small debt. However, the bank will still not loan us the money stating that the debt to income ratio is too high. My question is, how much of the co-signer's income counts? In my case it would appear to be very little. My daughter could easily qualify for the loan on her own, if this was going to be a her primary residence. She could also qualify for a loan to buy the house as an investment property, but would have to put down 20% which is not feasible at this time.Any insight on how this whole co-signer process works would be greatly appreciated.
Raleigh,NC | Dec 14th 2009
by sherry1951
Answer
by LHARVEY
by Angelo ...
by Eleanor...
Not all banks offer FHA loans, however, it is the program that you are looking for! They only require 3.5% downpayment, they allow for non-occupying co-borrowers, they allow retirement income to be "grossed up" (since it's not taxed) and since you've relocated, they will allow part of the rental income to be counted to qualify! Steve and Eleanor Thorne First Financial Services 919-851-3031 x 104 Dec 15th 2009
by anthonyl
Hello sherry1951,If your 62 yrs or older, depending on the state the property is in, you maybe able to use an FHA reverse mortgage to purchase the property in question. You would need to put a sizeable down payment but would never have another mortgage payment and would not need to worry about dti issues. I am glad to answer any additional questions you might have about the reverse mortgage for purchase program. 866-640-5722 ext. 123 www.freeHECMguides.com Dec 15th 2009
by Tony Scott
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