A very nice aspect of FHA loan guidelines for California borrowers is they allow for a co-borrower who does not have to live in the property. So if you are having difficulty being able to qualify for a FHA loan on your own, you may want to see if you can find a relative with good income and decent credit that would be willing to be a co-borrower on your FHA loan to assist you in getting FHA loan approval. A FHA lender in California will take all the borrowers income, including the non-occupant co-borrower and both borrowers’ debt obligations and come up with a debt-to-income ratio. So as mentioned above, it is usually best to find a non-occupant co-borrower for your FHA loan that has a decent credit score, strong income and not a lot of debt.
FHA loan guidelines also allow that non-occupant co-borrower to get their own FHA loan if they want to buy their own primary residence. So being a non-occupant co-borrower on another FHA buyers loan, will not prevent that non-occupant co-borrower from getting their own FHA loan.
I hope this helps you think of ways to be creative and purchase your own home in California using an FHA loan. Remember, FHA loan limits in many California counties and cities such as Los Angeles, Orange County, and San Jose go up to $729,750 with zero down. And cities like San Diego are not far behind with very close to this loan limit.
Send me an email at homeloan8@gmail.com or call 858-922-7899 if you would like to be approved for a FHA loan in California.
Regards,
Rob Chomentowski
Sr. Loan Officer (FHA, VA, USDA, Homepath and conventional loan specialist)
858-922-7899
Related posts:
You must log in to post a comment.