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!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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,
Licensed NJ & PA
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I am a 30 year licensed mortgage broker (NMLS #133975).
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