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Answers (6)
- Mary Giovanni, "Mary Giovanni"
- Contributions:2
You can, however, a borrower is only allowed to have one FHA loan at a time so if your co-borrower has a FHA loan, or is planning on getting one, then it doesn't work. Further, the co-borrower still must meet the credit and income requirements.
- Bob Willett, "SacRELender"
- Contributions:194
FHA loans are great for borrowers that need co-signers. They won't make up for a credit problem, but they will for income stability or adequacy issues. Co-signers work pretty well on Freddie Mac loans as well, but not so much on Fannie Mae.
So Wes, if the borrower has a 450 credit score, can they get a co-signer with an 800 score, a good job and low DTI?
- Wes Black
- Contributions:509
This feature is used frequently in Louisville,Ky for first time home buyers.
- Dave Skow, "daveskow"
- Contributions:1106
yes
- Christopher Jones, "chrisjonesmtg"
- Contributions:87
Yes. You can have a non occupant cosigner on an fha loan. You will still need a credit score for most banks though.
can you have a co sighner on FHA loan to help qualify?
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