When it comes to getting co-signers to buy a home using FHA, I see a lot of hesitation from parents and grandparents. I have been able to get them to do this so they know that their child/grandchild can â€œassumeâ€ them off of the mortgage when they have paid off enough debt or increased their income enough to qualify on their own. The benefit to this is as follows:
They get to take advantage of the current market.
They get to take advantage of the current interest rates. When they assume the loan the interest rate does NOT change for them so they will remain locked in at todayâ€™s awesome rates.
A lot of people believe that you have to refinance the co-signer off and in turn then risk higher rates down the roadâ€¦ This is not true.
With the Holidays coming up and familyâ€™s are gathering together, nowâ€™s the perfect time to look into this!Â
Â Â Â Â Â Mona Edick
Â Â Â Â Â Mortgage Consultant, Prime LendingÂ
Tune in 10AM this SATURDAY to learn more, 830 WCCO