Tag: co-signor

Non-Owner Occupied Financing – Non-Related Co-Borrowers

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Question: My client would like his pastor to co-sign for a non-owner-occupied property because he does not qualify on his own.  Does the co-borrower need to be related? MC-Non-Occupant Co-Borrower Chart – All Agency Comparison Answer: There are no restrictions for relationship requirements for non-occupant co-borrowers, other than being an interested party to the transaction. […]

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Client Co-Signed a Loan Now in Forbearance

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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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Proving Mortgage Debt on a Mortgage Loan is Paid by Other

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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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VA- Co-Signor Obligation: My veteran client co-signed for both siblings on 2 separate cars. One I can prove 12 months paid by another and the other is only 10 months. Help! [Debts Paid by Others Chart]

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Answer: VA doesn’t have a ’12-month rule’ like FHA and Fannie/Freddie when it comes to contingent debt payments from the primary borrower.  (See the guideline below.)  Unfortunately, (but understandably), it is usually the standard that an underwriter will rely on to determine that there appears to be no reason that the co-signor will have to […]

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