Qualifying for a new loan to purchase the home of your dreams can seem like a challenge in today’s market. As home values continue to rise, buying that special home can feel out of reach. The good news is that there are several loan programs available that will allow income from a non-occupant co-borrower, thus allowing you to qualify for a larger loan.
A non-occupant co-borrower, or co-signer, is a borrower who goes on the loan, but does not occupy the subject property as a primary residence. While adding a non-occupant co-borrower to the loan can be an effective way to qualify for more home, different loan programs have different guidelines regarding co-signers. It’s important to know the ins-and-outs of using a non-occupant co-borrower’s income when qualifying for a new home loan. Please call us to discuss whether adding a non-occupant co-borrower would help you qualify for your next home loan.
-The Kavanewsky TeamShare on Twitter Share on Facebook