Your debt to income ratio is an important facet of your loan process, particularly with the number of defaults across the country right now - lenders are becoming stingy with who they lend to.

There are a couple of different ways to bypass that problem, including reducing the amount you purchase the house for, getting creative with financing (owner financing, etc.) and there is also the option of a co-signer. However, having a co-signer ties them up with the property as well - which is a risk on both of your parts.

I have the ability to help you out with this problem. Feel free to contact me if you have any questions or are interested in qualifying for a purchase loan.

Kellen Gracey
Mortgage Professional
BayBurg Financial
(386)237-7231 Cell
(954)764-7064 Office (Ext. 214)

Monica,

Your question has many facets. Why are your ratios out of wack if you have income? Do you have debt you can pay down to help your ratios? This may be easier.

A co signer will help but you cosigner will have to be on the purchase contract and will have to be on title to the property. If your co-signer is married then on FHA they will run the non occupant co borrower and the spouse of that co borrower.

good afternoon monica.....for that little amt..there has to be a much easier way of using your current income and debts to make it all work....however,a non-occupant co-borrower is allowed for fha....call if q's.thank you..bob mcclure.....