Home Buying in Canton>Question Details

Puflight, Home Buyer in Canton, MI

Will a co-signer help on a PMI issue?

Asked by Puflight, Canton, MI Thu May 7, 2009

My wife and I have found an awesome house. We can't go the FHA route because it is a site condo and won't pass the FHA spot check. We tried to go conventional with 10% down but can't qualify because we won't be able to get PMI on it because our debt ratio is too high. Would a co-signer help in getting the PMI?

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Possibly, yes. Speak with your loan officer, as they should surely have an answer to that question. What Andy may have been saying below is that you WILL have PMI unless you have 20% equity, but from a qualification standpoint and your being able to secure PMI, a co-signer may help you.

Good luck!


Derek Bauer, Associate Broker
Real Estate One
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Thu May 7, 2009
No. Unless you have 20% equity...you're likely stuck with PMI
0 votes Thank Flag Link Thu May 7, 2009
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