Question: My Veteran client would like to purchase a home with his adult son using his VA Benefit. Are there any issues with that situation? Answer: The son can be a co-borrower on the loan. This type of loan is called a Joint Loan. If the son is not a veteran: Technically you can do […]
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Question: Our client co-signed a home loan for her sister who is now in forbearance. Normally, I would use a 12-month payment history to offset the payment, but that is not possible. The sister has offered to bring the mortgage current, will that work? NEW MC Mortgage Talking Points™ – Tips for Clients in Mortgage Forbearance […]
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Question: Will Fannie Mae and Freddie Mac allow non-occupying co-borrowers on a 2-unit? MC Chart – Non-Occupying Co-Borrowers Answer: Yes, that is allowed. Supporting Resource: MC Chart – Non-Occupying Co-Borrowers [Article Published in Question & Answer Issue – September 25, 2020] Copyright © 2020 – Mortgage Currentcy – All Rights Reserved
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Question: My client thought that he was co-signing for a family member, but now realizes he is the only borrower on the current mortgage. Is there a way for him to prove that he is not making the payments so that we do not have to count this debt? MC Chart – Debt Paid by […]
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Answer: If the co-signer was on an FHA mortgage, then they will have to be eligible to obtain another FHA mortgage based on one of the eligible circumstances that FHA allows (see guideline below). In order to disregard the previous mortgage debt on a new FHA loan, you will have to document 12 months of […]
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