FHA Home Loans Allow For a Non-Occupant Co-Borrower

by Rob on October 8, 2010 · 3 comments

 One of the nice features of FHA loan guidelines are they allow for a non-occupant co-borrower to help a borrower qualify for a FHA loan.  This co-borrower does not have to live in the property, but their income can be used to help a borrower qualify for a FHA loan if a borrower is having trouble qualifying on their own. 

The way this works is when we take the FHA loan application, we will also take all the non-occupant co-borrowers information including their income, assets and credit info.  All this information will be combined with the borrowers when the loan is submitted for FHA loan approval.   So the non-occupant co-borrowers debt obligations will also be included in qualifying for the FHA loan.   The best non-occupant co-borrower would be someone with a good income, credit and limited debt obligations.

So if you are looking to get a FHA loan anywhere across the state of California, it may help in more expensive areas like Los Angeles, San Diego, San Francisco, San Jose and Orange County to find a non-occupant co-borrower to help you qualify for a 3.5% down FHA loan in California.

 If you have any questions about this FHA loan guideline or others, give us a call and we can help you get pre-approved for a FHA loan.

 Warm Regards,

 Rob Chomentowski

 homeloan8@gmail.com

 Sr. Loan Officer (FHA, VA and conventional loan specialist)

858-922-7899

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