We're looking to purchase a condo in Southampton 18966. Would it be possible to have my mother co sign with my girlfriend on a FHA Loan app ?

Asked by Eric, 19006 Sun Mar 4, 2012

My credit is good, but my mother's income is higher. I want a greater chance of being approved. My girlfriend has good credit 730

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8
Donna and Joe…, Agent, Southampton, PA
Mon Jun 24, 2013
Sounds good, but no matter what you read, you will need to find a good lender and discuss all the details of your situation. Call us if you need help. Donna
0 votes
Carol Cei, Agent, Maple Glen, PA
Mon Mar 5, 2012
Hello, Alan, re:PHFA ... The loan is underwritten according to FHA guidelines by the lender who takes the app, however, it is PHFA that funds the loan. They look at things on a case by case basis...therefore they are often the source for loans that others can't do. I have been doing them for years with great success. The rate is 3.875% with zero points and minimal fees. The typical PHFA review time is about 2-3 days however you can get a rush response in 24 hrs for a nominal fee- about $100. It's a great program for consumers- not for mortgage brokers

Carol Cei, Realtor, ePRO
ReMax Platinum Club
Five Star Professional
ReMax Action Realty
215.643.9661 Direct
215.358.1223 Office
Carolcei@remax.net
Web Reference:  http://www.carolcei.com
0 votes
Judi Wolfson, Agent, Margate, PA
Sun Mar 4, 2012
WELCOME TO SOUTHAMPTON !!! We have lived in Southampton for 35 years and we have also purchased 2 investment condos, that we use as investments. We love the area. The condos have great management and have appreciated nicely. We know all there is to know about Southampton.

In answer to your question, it MAY be a good idea to put your mother's income on the mortgage, or not; depending on her credit and whether or not you have any siblings, since the condo would then be part of her estate, since she would have part ownership. The really best thing to do is to talk with a mortgage person and have them run your income info w/o your mom and let you know how the ratios are.

The lender that we use, ALSO lives in Southampton (18966) and can do all this for you via telephone. Email BestAgent@Realtor.com for her contact info .

And to get a great education on what condos are available and what they have been
0 votes
Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Sun Mar 4, 2012
Hello Carol,

Since a PHFA loan has to be approved by FHA prior to PHFA taking over the servicing of the loan I am not sure how PHFA can have less stringent guidelines. I am not sure why mortgage brokers was capitalized. Many brokers were providing PHFA loans through other bankers until the new compensation laws went into effect. Now most mortgage bankers dont have PHFA prevent many bankers from using that program. The bottom line is that the laws are such a mess and PHFA limits the originator compensation but the lender that employs the originator still has their healthy margin built into the price of the loan. Making a correlation that brokers charge more than the bankers really shows a lack of understanding of the business.

PHFA can be good for some but the process is slowed by the extra PHFA approval process. Interest rates on PHFA have been all over the map. I have seen them as high as 5.,25 and as low as 3/.25 whilst FHA ratres have remained pretty much the same,

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes
Carol Cei, Agent, Maple Glen, PA
Sun Mar 4, 2012
Hi, Eric,

Please be sure that the condo is on the FHA Approved List or none ot this will work. Also, if you have adequate income and strong assets there should be no problem. If your mother already has a mortgage or other debts they will be considered against her. Also, not being related to your girlfriend cold very likely be problematic.

Search for a lender who is on the PHFA.org approved list. That way you can possibly switch your FHA loan over to be funded by the state. They are often more lenient with underwriting guidelines, even for FHA. The rates are very competitive but MOST MORTGAGE BROKERS are not on the approved list because they have different fees, etc., than what is allowed.

Good luck with everything.

Carol Cei, Realtor, ePRO
Five Star Professional
ReMax Platinum Club

ReMax Action Realty
215.643.9661. Direct
215.358.1223 Office
Carolcei@remax.net
Web Reference:  http://Www.carolcei.com
0 votes
Amy Williams, Agent, Buckingham, PA
Sun Mar 4, 2012
Hi Eric,

First of all, congrats! Purchasing a new home is so exciting. The Mortgage Broker I work with is fantastic, Jim Wessier with Princeton Mortgage. He will be able to give you all the information required to move forward. You can contact him at 215-850-2170. There is no charge or commitment required by Jim to give you the information you need. He'll also give you guidance if you are not ready to purchase. It's a win/win!

Once you get your mortgage information I would be more than happy to help you and your girlfriend search for your new condo.


Best Wishes!
Amy Williams
Weidel Realtors
215-609-4500
0 votes
Kim Rock, Agent, Langhorne, PA
Sun Mar 4, 2012
The great thing about FHA loans is that it's a little easier to qualify, and you don't get a better rate with a much higher score.. So you actually may be fine on your own with your girlfriend. :)

If you want to search for condos in Southampton on my website, you can do so at http://www.kimberlyrock.com- it's a live search of the MLS, and not outdated like some other sites tend to be. You can also set it up to send you new listings as they hit the market each day.

If you are not already working with an agent, I'd love to help you out as a buyers agent, no cost to you of course.

Good luck with the house-hunt and I definitely recommend contacting a local lender to discuss a preapproval so you know where you stand with your needing a co-signer or not.
Web Reference:  http://www.kimberlyrock.com
0 votes
Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Sun Mar 4, 2012
Hello John,

Technically a non occupant co-borrower has to be related to the borrower so Mom and girlfriend may not work unless you can prove a long standing relationship and shared living expenses.

However, it may not be necessary to go that route. We have to look at all possible scenarios to see which makes sense. I'd be happy to go over the numbers with you.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes
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