Posted on: 28th Dec, 2010 11:08 am
my question is can a family member co-sign to help me qualify on the dti side my credit is 714 co buyer is 701.
co buyer is in the military i have been told by a broker the occupying buyer needs to qualify on their own income.
co buyer is in the military i have been told by a broker the occupying buyer needs to qualify on their own income.
Yes he/she can. They would be considered as a non-occupying coborrower.
1. Occupying borrower has to qualify on their own credit. The co-borrower just adds income. You were told wrong. Co-borrower must also credit qualify so it looks like you are good here.
NOCB loans used to be called 'kiddee condo' loans so kids in college could add parents income to qualify. It made a lot of sense for a kid going thru med school to buy as opposed to renting.
2. Is the co-borrower your spouse? If the non-occupant co-borrower is active duty military and stationed elsewhere then they are considered a regular 'occupying' co-borrower if a member of the immediate family will occupy.
NOCB loans used to be called 'kiddee condo' loans so kids in college could add parents income to qualify. It made a lot of sense for a kid going thru med school to buy as opposed to renting.
2. Is the co-borrower your spouse? If the non-occupant co-borrower is active duty military and stationed elsewhere then they are considered a regular 'occupying' co-borrower if a member of the immediate family will occupy.
