co-signed debt

Fannie Mae & Freddie Mac – Co-Signer Obligation – Can I exclude a co-signed mortgage obligation?

Answer: Only if you meet the following conditions. Reference: B3-6-05, Monthly Debt Obligations (01/30/2018) Debts Paid by Others Certain debts can be excluded from the borrower’s recurring monthly obligations and the DTI ratio: When a borrower is obligated on a non-mortgage debt – but is not the party who is actually repaying the debt – [...]

2018-05-25T17:08:46-05:00May 24th, 2018|

Fannie Mae & Freddie Mac – Student Loan Debt – What are the guidelines for DEFERRED but COSIGNED student loan debt for both Fannie and Freddie? [MC-STUDENT LOAN CHART]

Answer: Fannie and Freddie aren’t so kind as to address both deferred AND cosigned student debt.  They have a section if someone else is paying for the debt (whether they are obligated on the loan or not) and then they have a section on student debt requirements, including deferment.  Fannie and Freddie do not care if [...]

2018-05-25T17:12:15-05:00May 24th, 2018|

Fannie Mae – FHA – Co-Signed Car Loan: If a borrower co-signed a loan for someone and we have proof that this person made the payments, can we exclude the debt?

Answer: See text from Fannie Mae selling guide below.  As long as the payments have been made on time and you have 12 consecutive months’ worth, you should be okay. Reference:B3-6-05, Monthly Debt Obligations (01/30/2018) Debts Paid by Others Certain debts can be excluded from the borrower’s recurring monthly obligations and the DTI ratio: When [...]

2018-06-01T13:01:57-05:00February 22nd, 2018|