FHA Mortgage Approval With Non-Occupying Co-Borrower

Posted on January 20th, 2012 by FHA News Editor
FHA News Editor
About The Author
FHA News Editor - Each week we post articles on FHA/VA Government news topics, ranging from FHA Direct Endorsement Underwriters, to current FHA underwriting guidelines, to new FHA rules/regulations, FHA compliance, FHA lending requirements and much more! PLEASE NOTE: We are NOT owned, operated or affiliated with HUD, FHA or the Federal Government in any way.
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FHA mortgages go a step further in order to help consumers purchase a home of their own. Having a qualified co-borrower can make a huge difference for some borrowers when it comes to receiving FHA mortgage approval by adding strength to the most important segments of the loan file. This option is often used when a borrower cannot meet the necessary FHA guideline requirements in order to qualify for the FHA mortgage. Under FHA guidelines, non-occupying co-borrowers can be one or more individuals who are a vital part of the mortgage transaction but will not be a resident of the property. When the co-borrowers are not relatives, the maximum mortgage amount is limited to 75% loan to value, which means that the required down payment must be 25% or more.

To read the entire article, please visit:
http://www.freerateupdate.com/fha-mortgage-approval-with-non-occupying-c...

SOURCE: Published by NAMP® Publishing Group, a division of the National Association of Mortgage Processors (NAMP) (http://www.mortgageprocessor.org)


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