FHA – Signer on Multiple Properties – Will FHA allow a person who has co-signed on an FHA loan to purchase their own home with FHA financing? [MTP™- Second Time Around]

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 [...]

2018-05-25T17:05:50-05:00May 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|