As others said, you can do it as a non-occupant coborrower with an FHA loan. If the home is far enough away from your primary residence, you may be able to buy it as a second home, using conventional financing, which would have a lower monthly payment than FHA. Call me if you need me. 443-283-2922.
There are many scenarios in which the program can help:
Â· Occupying borrower is a college student with limited verifiable income for qualifying purposes
Â· Occupying borrower works for cash income
Â· Occupying borrower has been self-employed for less than 24 months and thus has non-allowable income for qualifying purposes
Â· Occupying borrower recently made a complete change in employment field and has non-allowable income for qualifying purposes
Â· Occupying borrower has no credit and cannot provide non-traditional credit sources
Â· Occupying borrower recently received a large pay increase not consistent with earnings history rendering income non-allowable for qualifying purposes
Â· Occupying borrower is between jobs or assignments rendering qualifying income not usable
Â· Occupying borrower was recently discharged from military or is expected to be discharged from military in near future and has not secured civilian employment for qualifying income
Â· Occupying borrower is recently returning to the workforce after an extended leave of absence
Standard niece and loan limits apply for transactions including non-occupant co-borrowers when the subject property consists of one unit and when the non-occupant is related to the occupying borrower by blood, marriage or law. Additional family relationships will allow for maximum financing as well. For example, an uncle can co-sign for niece/nephew. When the non-occupying borrowers are not related by any of the situations described above, loan-to-value is limited to 75%.
All applicants are required to sign the note and mortgage and must be listed in title to the property regardless of occupancy. The non-occupying applicant must understand they are financially responsible for the mortgage so if they occupant does not make the payment and the loan defaults it will have a negative impact on both of their credit profiles.
FHA guidelines do not require qualifying of the occupying borrower but lenders are looking to see that they are capable or will be capable of making the payments themselves. The whole scenario has to make sense and it helps to have plenty of compensating factors like low DTI, plenty of reserves and steady income.
For more questions or details about getting pre-approved for this type of loan please contact me at your convenience.
Elliott R. Oliva
Primary Residential Mortgage, Inc.
"Se habla Espanol"
As everyone one else has indicated, yes you can.
How many miles away is your daughters new house from yours? From past experience if it is a good distance, like another state, you can be considered an investor and not an owner non-occupant. Contact a good lender that knows all the ins and outs. They will give you the best advise on how to proceed. If you have cash and can gift the money to your daughter, that may be the easiest.
It may be possible, depending on both yours and your daughter's situations. There are loan types where you could be considered a co-signer, if you and your daughter qualify.
If you'd like to speak to a loan officer who can shed more light once knowing more of your details, please let me know.
Much luck to you & your daughter.
Please let me know if I can help you further!
Keller Williams Excellence Realty
Just be cautious if you are on the loan as one late mortgage payment can hurt your credit more than just about anything. So, you want to ensure that the payments are being made on time. Give Bob a call and I am sure that he can offer you even more advice about the lending side. If you need an agent to help you find a property, please feel free to give me a call and I would love to help you.
Good luck and have a great New Year!
Better Choice Realty, LLC
How-ever if your debt and income are joint accounts with your husband then he may of to be included.
Advance Realty Timonium
June Piper-Brandon - 410-292-0100
Century 21 Associates
You and your daughter should consult a lender to analyze your present financials for you and your daughter.