Posted on: 12th Mar, 2009 02:06 pm
I have 2 questions! 1: on a FHA loan can my cosigner already own there own home? 2: If i bought my car with my mom and she is 1st on the loan will that still affect my debt to income ratio?
Good questions
1. Yes your co-signer can already own there own home
2. Whatever shows up on your credit report will be counted against you. My guess is that even if your mom is the main borrower on your car loan it will still show up on your credit so it would then be counted against your debt to income ratio.
1. Yes your co-signer can already own there own home
2. Whatever shows up on your credit report will be counted against you. My guess is that even if your mom is the main borrower on your car loan it will still show up on your credit so it would then be counted against your debt to income ratio.
Yes, the actual debt will be counted against you and your mother's dti for any future loan even if she doesn't live in the home.
And, the FHA Non Occupying Co Borrower is a fantastic program for someone in your situation...
Best of luck!
And, the FHA Non Occupying Co Borrower is a fantastic program for someone in your situation...
Best of luck!
and i will chime in and say "yes" and "yes" also.
I will also chime in and say "red flag".
You needed a co-signer to buy your car FIRST because either your income, your credit or both were insufficient to purchase the vehicle. Now you want to buy a home as well with a co-signer? Did you really look at whether you can afford the monthly payments?
Please share why you need a co-signer for your vehicle and your home.
You needed a co-signer to buy your car FIRST because either your income, your credit or both were insufficient to purchase the vehicle. Now you want to buy a home as well with a co-signer? Did you really look at whether you can afford the monthly payments?
Please share why you need a co-signer for your vehicle and your home.
