Financing in Fresno>Question Details

Reneed, Home Buyer in Fresno, CA

I am married and the co-signer on our FHA mortgage but not on the deed. I am also a full time student but my

Asked by Reneed, Fresno, CA Tue Jul 14, 2009

husband is employed. We would like to keep this house as a rental and purchase a second home. Would I qualify for an FHA loan as the primary and him as a co-signer and be able to take advantage of any first time home buyer programs?

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Hello renee,

I am a Loan Officer here in Fresno. If I were to help you and your husband with your loan, I would like to know the following:

1. Will you be occupying the new home?

2. If renting the current home, can you rent it and get the same or higher monthly payment you are making right now?

3. How long have you had your current home? It is likely the lender will want you to have reserves at least 6 months, plus enough to make payments on both homes.

4. How is your husband's credit history--based on this you may qualify for conventional and/or FHA lending.

5. How soon will you be buying?

Please feel free to contact me for a free consultation.

Frank Mandujano
5150 N. Sixth Street #175
Fresno, CA 93710
(559) 977-7238
bbmanduja@yahoo.com

Good luck,
0 votes Thank Flag Link Fri Oct 8, 2010
good morning.....brad's comment is right on......first of all, fha is not just for first time home buyers...also, if you qualify with your income and debts, you can go conforming on the next home....if you have at least 30% equity in your existing home, you can use a lease agreement to help debt ratio on the currnet home....if there is little to no equitry, then income alone has to make the numbers work for your next purchase.....best regards.bob mcclure- success mortgage partners- plymouth, michigan...
0 votes Thank Flag Link Wed Jul 15, 2009
Because you are a co-signer with your husband on an FHA loan you would not be qualified to obtain a new
FHA loan. Is there enough equity to refinance the existing loan with a conventional loan? I also see a problem with income if you are a full time student. Do you have sufficient income to qualify for a loan? I am not aware of any first time buyer programs you would qualify for.
0 votes Thank Flag Link Wed Jul 15, 2009
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