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Co-borrower question?

Can I have a co-borrower on the loan to get a higher amount if the co-borrower doesn't intend to live at the property? by alyssa_g253 from Smyrna, Delaware. Nov 19th 2015 Reply


Theresa Duncan (tduncan@bankofengland1.com)
#22 ranked lender in Delaware - 2 contributions

yes you can on an FHA loan it is call a non-occupying borrowerTheresa Duncan302-378-7749 ext 103tduncan@bankofengland1.com

Nov 19th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

Yes, there are loan options where you can have a non-occupying co-applicant on the loan. Talk to a local mortgage broker to go over your options. In MN, WI, and SD, visit me at www.StPaul-Mortgage.com

Nov 19th 2015
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Yes absolutely, give me a call anytime to find out how. 302-227-5522

Nov 19th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Yes if you use FHA.. but understand that by adding a non-occupying co borrower, you do benefit by adding their income to yours, but you also have to take into consideration their debt as well.. Lenders will look at your COMBINED income and COMBINED debt to determine if you fall within the allowable debt to income ratios.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 19th 2015
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

FHA will allow for a non-occupying co-borrower yes.

Nov 19th 2015
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

Yes you can, the co-borrower with have to qualify as well.

Nov 20th 2015
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Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

Yes, a non-occupant co-borrowers income can be used to help you qualify for more, however their debts will also be included. There are FHA and Conventional options available. You need to speak with a loan officer or two and have review your situation to see what options you may qualify for and have them present you with all available options to see what works best for you. I just closed a Freddie Mac conventional loan where my client was self-employed and showed $4,000 per year, had his own 5% down payment and purchased a $350,000 house with his non-occupant co-signing parents. However, each situation is different so you need to speak with a local loan officer or two. Best wishes, Sean

Nov 21st 2015
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Mark Hemingway (SFSLend)
#2 ranked lender in Colorado - 994 contributions

Yes you can. Freddie Mac has a program where you can use a non-occupant co-borrower - which means the co-borrower will not occupy the property with you. Freddie mac can do this too but you would have to qualify using just your income. But with a Freddie Mac Serviced loan you can use the non-occupant co borrowers income and assets to qualify for the loan. So make sure you choose a mortgage company that has you underwritten under Freddie Mac.

Dec 1st 2015
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