Hope your questions have been answered. My office is in Euless area and I would be happy to help in anyway.
Scott Real Estate, Inc.
So you probably got a loan officer who was in another state and did not know that Texas is a community property state. That means we are required by FHA and VA to count the nonpurchasing spouse's debts. Oddly enough we don't need to for conventional loans. Perhaps you and your father could go conventional, but with co-signers, you still need to watch out for your debt ratios.
Back to FHA, If you can provide proof that the other individual on the co-signed loans has made the payments, with cancelled checks, and they have been within the month due, they should exclude them from your ratios. So you might as well put your wife back on the loan so that you can use her income.
If BOA has an internal "overlay" to not do that, check with another local mortgage broker. They will most likely have an investor/lender who will follow the FHA guidelines.
Good luck, Barbara Coker, NMLS Licensed Loan Officer #228545
Over 29 years doing this!
i asked my dad to see if he can refinance, and he is ok with that. we did think about this option and at that time bank of america told us that it is ok to keep things the way they are. i can certainly ask him to refi and get my name out of it. however, my mother in law has completely refused to help us out and she states she doesn't have enough income to refi/take those mortgages away from under my wive's social.
we can take another 7k out of my wives ira to make slightly larger down payment i think. my wife and i dont have any major debt besides the mortgages. just a couple of car payments of total $500
I work with a couple of great brokers so you can call me @ 817 673-1224 and I will be happy to give you their names and numbers to contact. Whether you get the same or a different answer, it will be worth the effort.
The only other options I see are:
1) Save a larger down payment to the point of improving your DTI enough to get the loan.
2) Pay down debts (whether it's just these properties or car loans, credit cards, etc).
3) Increase your income. Maybe you can work a second job or start a business on the side.