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You don't have to live in the property you are co-signing for, referred to as a non-occupant co-borrower. However, if all parties purchase and live in the house of their primary residence, there ...
In addition to having low down payment requirements and flexible credit criteria, Home Possible lets you apply with a non-occupying co-borrower. Down payment required: 3% Minimum credit score: 660
A co-borrower, also referred to as a co-applicant or co-requestor, is an additional person on a mortgage. In a co-borrowing situation, both borrowers complete an application, and the mortgage ...
The co-signer does not have to be a blood relative. This is called a Non-Occupying Co-Borrower. [25] FHA also allows gifts to be used for down payment from the following sources: the borrower's relative; the borrower's employer or labor union; a close friend with a clearly defined and documented interest in the borrower; a charitable organization
An occupying co-borrower lives in the home, while a non-occupant co-borrower, similar to a cosigner, doesn’t live in the unit but is still responsible for the payments.
No income, no asset (NINA) [1] is a term used in the United States mortgage industry to describe one of many documentation types which lenders may allow when underwriting a mortgage.
One big distinction: It allows non-occupying co-borrowers to contribute funds to the 3% down payment for one-unit properties. Some of the requirements for HomePossible include:
A non-conforming loan is a loan that fails to meet bank criteria for funding. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit , the unorthodox nature of the use of funds, or the collateral backing it.