"A borrower may be qualified for an FHA-insured mortgage on
his/her own principal residence even if he/she is a non-occupying
coborrower with a joint interest in a property being purchased by
other family members as their principal residence with an FHA insured
Please feel free to call or email me to get the specifics
Home Savings Bank of America
You can use a non-occupant co-borrower on an FHA mortgage - even if that person already owns a home. Your mortgage application will be underwritten with both you and the co-borrower and will take into account the credit, the income and the debt obligations on both of you. Again, you may have to shop around for a mortgage lender who is willing to help.
NO: Because there are so many other determining factors besides credit that lenders look for. For instance, I had a client that had a 700 credit score but could not get the student loan deferred for 12 months. Also they look and see if there are any liens or judgements that need to be resolved. You also have to factor in lates or collections that have taken place within the last 12 months as well. I just wanted you to better understand that securing a loan is not just based on credit worthiness. To clear underwriting is a difficult task for some and easy for some. All I can suggest is make an appointment and sit down with your local loan officer at Wells Fargo and see where you are. If you are ready, then proceed and if not ask about using the co-signer. I pray that this information helps you to make the best decision. I can assure you this one thing and that is you can't secure a loan without a credit check so just sit down and see where you are. You just might be surprised.