Posted on: 03rd Nov, 2013 10:02 pm
I need to know if my sister can co-borrow with me on a conventional loan if the house is not her primary residence? She just wants to invest money. I am going to live in the property primarily and my children part time. Is there another loan option that would be helpful in this situation?
Hi Jetti,
Conventional loans will be the best option in your situation. However, both of you need to have excellent credit score and good debt to income ratio. Both of you will require a minimum credit score of 720 in order to get the loan.
Thanks
Conventional loans will be the best option in your situation. However, both of you need to have excellent credit score and good debt to income ratio. Both of you will require a minimum credit score of 720 in order to get the loan.
Thanks
If you need her income to hel;p pou qualify to get the mortgage for the purchase, your sister cxan be on the mortgage in that case with a conventional Freddie Mac mortgage or an FHA mortgage.
If you do not need her income to qualify for the mortgage and she wants to be an owner and you agree that she will be an owner, your sister could be on title only and not on the mortgage. She could be on the mortgage if she wnats to be, just not necessary for you to qualkify.
If you do not need her income to qualify for the mortgage and she wants to be an owner and you agree that she will be an owner, your sister could be on title only and not on the mortgage. She could be on the mortgage if she wnats to be, just not necessary for you to qualkify.
