Can we use a non occupant co borrower?
My husbands credit score is a 532, he has some collections, we were told that we could get his father to co borrower for us. Is this true with such a low score my husband makes over 75,000 a year and the house we want to buy is 69,000. Any help would be appreciated. by honolulugirly11 from Honolulu, Hawaii. Feb 16th 2010
Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions
FHA is your only source for a non-occupying co-borrower. Your husbands low score rules out putting him on a loan for the house. As long as you have income and a score above 620 and you meet the rest of the guidelines you shouold be able to qualify. The father would also have to meet the FHA guidelines for debt ratio and credit qualifications. I would search for an FHA lender locally and discuss this with them . Best of Luck to you and your family.
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