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Purchasing a home in CA, with a co-signer that lives in IL, but is married

My mother is helping me to co-sign on a first time home loan I live in SoCal and she lives in Illinois/Chicago, due to FHA loans the community Property state, we can not apply my mother is married and lender had to run my dad credit and debt history he has a Mortage and vehicle payment, and for that there's not much we can do. Any one knows of a way we can get approved?
  • October 10 2013 - Colton
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Answers (6)

You should be fine having your mother as a co-borrower even though she is out of state. It is common for people to put there parents or siblings as co-borrowers. The reason why your dad's debt was looked at was because they are married so they both share this debt in a lender's perspective. That is why they look at your dad's debt, but I do not know why they ran his credit. What happens to a lot of borrowers like yourself is that they try one lender, get denied, then give up. I recommend you shop around and find a lender that fits your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need.

Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me! Good Luck!
  • October 10 2013
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Profile picture for wetdawgs
The simplest solution, wait until you qualify on your own.    Asking a loved one to be a co-signer is putting their financial future in your hands.   It isn't something you ask a loved one to do.
  • October 10 2013
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Profile picture for Brian GFL Capital
if the case was a wife trying to get a loan by herself without her husband then the FHA will require that the husbands debts and liabilities be counted against the debt ratio regardless if hes on the loan or not.

Im assuming that the same condition applies to your mother even though she a co-borrower to your loan. Your debts and income will be accounted for, your mothers income and debts will be accounted for and her husbands debts only will be accounted for.

it might be best to add her husband to the loan to get his additional income since you are already getting hit for his debts especially if he has good credit.
  • October 10 2013
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You will want to get another opinion on this.  While CA is a community property state, guidelines are not the same for non-occupying co-borrowers.

Feel free to contact me via my profile if you would like a second pair of eyes on your situation.

Best,

Bryan
  • October 10 2013
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Profile picture for The Mortgage Mark

I would double check this with another CA lender.  Did they say if this was just a requiremnt in CA?

  • October 10 2013
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That does not sound correct.  You should be able to apply with just your mother, with out your fathers debts.  

W do this all the time, contact me if you have questions.

We are a National Lender that lends in all 50 states
  • October 10 2013
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