Posted on: 04th Nov, 2009 07:26 am
are co signers allowed for 203k streamline purchases who are not living at the property ?
It's not necessary that the co-signer must have to live in property. He will be responsible for pay dues to lender, In case you stopped to pay lender. You can get trustee co-signer from out side of property.
Thanks.
gunz.ijjistaff.
Thanks.
gunz.ijjistaff.
Cosigners are permitted for FHA 203(k) and FHA 203 (k) streamline purchases or refinances.
All guidelines for FHA mortgages are the same, no matter if just straight purchases or refinances or if repair/rehab purchase or refinances. The only difference is that the repair/rehab mortgages can not be cash out refinances and the "extra" money can be only for repair/rehab and the appraise value after repair/rehab is used to detremine the maximum mortgage amount.
All guidelines for FHA mortgages are the same, no matter if just straight purchases or refinances or if repair/rehab purchase or refinances. The only difference is that the repair/rehab mortgages can not be cash out refinances and the "extra" money can be only for repair/rehab and the appraise value after repair/rehab is used to detremine the maximum mortgage amount.
Your "co-signer" is really a co-borrower meaning they are obligated for the loan and it will show as a debt on their credit report.
FHA doesn't require they occupy the property but all of their debt, including their current housing expense will be counted.
FHA doesn't require they occupy the property but all of their debt, including their current housing expense will be counted.
Hi,
In case you stopped to pay lender. You can gettrustee to co-signer ..
In case you stopped to pay lender. You can gettrustee to co-signer ..
kasper, your posts get curiouser and curiouser
