Posted on: 20th Sep, 2009 05:40 pm
HI, I RECENTLY FOUND A HOUSE THAT WORTH 99,900, i HAVE 20.000 DOWN PAYMENT AVAILABLE,PERFECT CREDIT SCORE, MY LOAN OFFICER TOLD ME THAT MY INCOME IS NOT ENOUGH TO GET A 80.000 LOAN(28.000 A YEAR), I WAS TOLD TO BRING A CO-BORROWER, MY BEST FRIEND IS WILLING TO DO THAT HE MAKES 2.200 A MONTHS AFTER TAXES, NO DEBTS, LOW RENT, BUT LAST YEAR HE WAS SELF EMPLOYED AND ONLY SHOWED $12,135 ON HIS INCOME TAX, WILL HE QUALIFY? mY LOAN OFFICER IS HAVING A HARD TIME TO FIND THIS OUT FOR ME
THANK YOU
THANK YOU
It may be difficult with yoru frined as a co-borrower since ha didnot ahve much incomelast year
See if you any of you relatives can cosign
See if you any of you relatives can cosign
Hi fatko,
Welcome to our forum.
By comperhead your situation. I would like to suggest you that, If you wish to get loan for purchase your home then you may apply for FHA
( Fedaral Housing Administration) Loan. But your co-borrower will generate problem to get loan approval . If he co-borrower for your loan, He must have to show good income proof & good credit history.
Thanks & Regards
gunz.ijjistaff
Welcome to our forum.
By comperhead your situation. I would like to suggest you that, If you wish to get loan for purchase your home then you may apply for FHA
( Fedaral Housing Administration) Loan. But your co-borrower will generate problem to get loan approval . If he co-borrower for your loan, He must have to show good income proof & good credit history.
Thanks & Regards
gunz.ijjistaff
Fatko
You may alone may qulify for a FHA loan, since you have good income and also good credit score
You may alone may qulify for a FHA loan, since you have good income and also good credit score