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Mortgage application

Our daughter lives in Columbus. She would like to buy a condominium.
Her mother and I would like to help her get a mortgage. Her income is about
$33k per year. The condo is around $120k and we anticipate a down payment of
approx. $45K --Can someone else cosign for the mortgage even though they will
not be the house owner?
  • April 26 2009 - Columbus
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Answers (3)

With that down payment you can go conventional Freddie Mac and avoid monthly as well as UF Mortgage Insurance.
  • April 26 2009
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FHA has what is know as a "Kiddie Condo" program. FHA allows for non-occupant co-borrowers. Basically, your child can purchase a home by using your income and credit in part to help qualify for a mortgage. You can put as little as 3.5% down towards the purchase of a home.
  • April 26 2009
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FHA as well as Freddie Mac allows for a non owner occupant co-borower.
  • April 26 2009
  • 0Yes

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