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Why was I told you have to have your co signer occupy also?

Additional details of your question here by lisaan_245_319 from Kingston, Pennsylvania. Jun 10th 2013 Reply


Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

Hi Lisa! I can help you as the Co-Signor does not have to occupy the property in most cases. Please send me a direct message so we can go over all the details and let's see if I can be of direct help to you! We are a Nationwide Direct Lender!

Jun 10th 2013
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

More info is needed to properly answer you question.. both FHA and Conventional financing allow for "Non occupying co-borrowers".. but the guidelines are different for both... so without knowing the details of your scenario, it's hard to say.. but you should probably ask your mortgage guy for a detailed explanation.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 10th 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Technically in the mortgage world, there is no such thing as a co-signor. There are only co-applicants. On some loans, you can have non-occupying co-applicants (like FHA), but as a co-applicant, we need to review and document everything from everyone on the loan. www.StPaul-Mortgage.com

Jun 11th 2013
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Walter Gorman (Walter_Gorman)
#87 ranked lender in New Jersey - 4 contributions

Are you buying a multi family home?What is the transaction details?

Jun 10th 2013
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Walter Gorman (Walter_Gorman)
#87 ranked lender in New Jersey - 4 contributions

Depending on the details of the loan the cosigner would have to occupy but that is mainly for multi family properties. What are the details of the loan?

Jun 10th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

If you have a co-borrower on the loan and they are not living in the property, it would be considered an investment property. There really is no such thing anymore as a co-signer, it is a co-borrower.

Jun 10th 2013
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Jamie Ware (YourMortgageGuy)
#71 ranked lender in Pennsylvania - 44 contributions

This is a loaded question and most will not be able to answer it correctly without more details of the application. Only certain programs allow for a non-occupied co-borrower.

Jun 10th 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

Co-borrowers, when allowed, are normally used to provide up to 5% additional income, to bring the debt-to-income ratio to within the allowed range. If additional strength, in either income or credit is required, occupancy may be required.

Jun 10th 2013
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Steven Cook (stcookmortgage@gmail.com)
#37 ranked lender in Washington - 256 contributions

As mentioned by others -- there are too many variables to know why you were told this. You need to contact a local, licensed mortgage professional and give them your details to determine your best method of proceeding.

Jun 10th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yeah, there is more to this question than your telling. Provide the info and it will be answered. It's too open ended..

Jun 10th 2013
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Thank you for your answers. I never did this before so I opened with a short question that did not provide more info bc I was not sure how this works. What happened was, after contacting a local real estate agency I was directed to their mortgage dept. My credit score was pulled and bc it is poor I asked about a co signer, she then stated that the only way I could have one is if they where to occupy the residence. She never mentioned co borrowing but briefly said something about it being an investment property. This would be a single family home purchase, our first. I then read on a few sites that what she told me is incorrect and FHA loans do allow a co signer that is not an occupant. I was confused as she knew this would be our first home and also stated I would need at least 20% down after knowing our financial situation. I am sure there are regulations and stipulations I am unaware of but I just began my research. Any info would be appreciated and I'd be glad to provide any info needed to help you help me.Thank you,Lisa

Jun 10th 2013
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Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

Hi Lisa! It sounds as if your credit score is not a score that would qualify you for a loan, so your agent suggested that you find someone else to purchase a home on your behalf, which would be an investment purchase for that person! They would not be a co-signor, but the actual applicant and you would not be on the loan at all! I am happy to work with you to see what your credit situation looks like and to make a plan to get your credit score improved to get financing on your own and/or review all other options that may be available in the immediate future. If you want to discuss this in more detail, please contact me through the direct message option from my profile page! Thank you and enjoy the evening!

Jun 10th 2013
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James Mazzola (Mazzola)
#109 ranked lender in New Jersey - 314 contributions

More info is needed to properly answer you question

Jun 11th 2013
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Good morning....we are a local mortgage lender in Pennsylvania....we have financing options that allow for non occupant co borrowers....I would love to thoroughly work up all of your options regarding this question....please call me at 717-755-4400 to discuss further details....thank you!Andrew MorcosBranch Manager

Jun 11th 2013
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