Posted on: 03rd Apr, 2010 09:43 am
Do USDA loans allow you to have a non-occupant cosigner in the state of WV? I see several things online saying that FHA loans do allow cosigners, but is that the same as USDA? We are trying to purchase a home, but already own a mobile home. We were approved for the USDA loan as long as we sell our mobile home, which we don't want to do at this time. Then we were told that we could keep the mobile home if we had 3 good compensating factors. My parents have excellent credit, and we have good credit as well, but I don't know if USDA loans allow you to have a co-signer?
As far as I know, USDA will allow non-occupying cosigners on the mortgage. However, I would suggest you to have a word with your lender. He will be able to help you in a better way in this regard. Again, it is true that if you already have a property with a mortgage on it, lenders will not approve you for a mortgage on a new property.
as a reply to Niicss i have to argue with the last sentence "it is true that if you already have a property with a mortgage on it, lenders will not approve you for a mortgage on a new property" that is BS! try WV housing. they will allow you to have a property that you are paying a mortgage on an still approve you for a new home loan. They also offer financed closing and down payment...... however be warned they denied us because we didn't have 6 months of payments in the bank so SAVE SAVE SAVE and then apply with them.