Home Buying in Philadelphia>Question Details

Kay Daily, Home Buyer in Philadelphia County,...

In need of a co-borrow due to income, a relative in another state with greater income agreed. Both of our credit is over 700. Can I obtain a mortage?

Asked by Kay Daily, Philadelphia County, PA Wed Dec 26, 2012

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Trevor Curran’s answer
Good morning Kay,

Without the specifics of your loan qualifications this is a difficult question to answer, so I'll provide some general guidance.

The FHA program allows for a "Non-Occupant Co-Borrower" thus your relative in another state would be permitted to cosign with you, as long as the relative does not already have an FHA mortgage. Different Lenders have different criteria when using such a Co-Borrower, so you might consider speaking to several local Mortgage Bankers in your area. And you definitely want to work with an experienced Loan Originator; one with at least 15 years experience because you're dealing with a complicated loan request.

Conventional loans also allow for the Non-Occupant Co-Borrower but under very strict guidelines, so the FHA is probably the best way to go.

I hope that helps!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
1 vote Thank Flag Link Thu Dec 27, 2012
This was extremely helpful! Thanks
Flag Wed Jan 2, 2013
You should sit down with a lender. They look at income and debts of both borrowers and not just the credit score.
0 votes Thank Flag Link Sat Jan 12, 2013
Credit decisions are not solely based on credit scores. Debt to income ratio, judgements, collections and the subject property will all affect the decision of the lender to lend money.

However the credit score is in the range that you would be considered for a mortgage if all the other factors fall in line.

You should consult a local mortgage representative to discuss your options. If you need a referral, please call or email me directly. In the meantime you can search available homes on my website listed below.

Best of Luck,
Barbara Smith
Weichert Realtors
Direct: 609-980-7593
Licensed NJ & PA
Voted "5 Star Professional"
in Phila Magazine Sept. 2012
Web Reference: http://BarbSellsSJ.com
0 votes Thank Flag Link Thu Dec 27, 2012
Good Evening Kay,

Sounds like a good idea.... Can you call me for a confidential Talk?

All the Best, John Curci RE/MAX 215-757-2889
0 votes Thank Flag Link Wed Dec 26, 2012
Call a mortgage banker or broker in your area to get prequalified.If you need a mortgage broker i can suggest a few .

Michael Solomon
Realty Mark Associates
215 376 4444 office
215 421 2121 cell
0 votes Thank Flag Link Wed Dec 26, 2012
You should as long as the income/debt ratios work.

I am a 30 year licensed mortgage broker (NMLS #133975).

I would need to talk details so call me at 2152389400.

Fred Glick
U S Loans Mortgage LLC #51022
Web Reference: http://usloans.com
0 votes Thank Flag Link Wed Dec 26, 2012
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