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]

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 [...]

2019-04-19T17:52:35-05:00April 24th, 2019|

Fannie Mae & Freddie Mac-Co-Signor on Deed: Does Fannie Mae or Freddie Mac require a cosigner to be on the deed?

Answer: Fannie Mae guidance is clear that they would sign the deed, but Freddie guidance is less informative.  If you are trying to avoid the co-signer signing the deed, Freddie may be an option, subject to lender interpretation, but as mentioned, Fannie would require them to be on the deed. Reference:  Fannie Mae B2-2-04, Guarantors, [...]

2018-12-26T07:48:32-05:00December 25th, 2018|