When is it beneficial to add a co-signer to your mortgage? What are the requirements? Here is some information for you:
-Both borrower and co-signer must qualify based on credit – the mortgage company will consider credit scores of both signers and both must qualify with the mortgage company’s minimum requirements
-A co-signer is beneficial when the debt-to-income ratios are too high for the borrower to qualify on their own. A mortgage company will consider the co-signer’s income and debts when qualifying.
-There is only one loan program that accepts a co-signer – FHA. It is called a co-borrower, non-occupant. Be prepared to bring the minimum down payment of 3.5% of the purchase price.
Contact me today for more information!
Danielle Hifko
New American Mortgage
910-581-6398
