Miami Home loan, and Element Funding, direct lending mortgage bank, added another money saving program to their offering. The Non-Occupant-C0-Borrower programs give a buyer another way to qualify for their new home. Jim Carter, senior loan officer, reports on the details.
When a family is in a situation where the full income is not included in the tax return or is discounted due to higher expenses, we have a good option that helps. Another family member can offer to use their income to provide the needed income to help increase the buyers’ income enough to qualify for their new home! This worked well with Anibal and Shannon’s new home closing.
What we can do is add another qualified non-occupant family member into the loan to use their income to increase the income shown for the actual borrower.
This is a great alternative to looking for additional funds from other sources. We just closed a loan like this with Anibal and Shannon where his father was able to help his son get into the house he wanted by using his income to supplement the income shown by the borrower.
This is a Freddie Mac or Fannie Mae[i] program. The non-occupant-co-borrower must be a family member, and not an interested third party. This program is for a purchase or a rate and term refinance. The minimum credit score is 620.
The DTI (debt-to-income) is determined by the AUS (automated underwriting system), and the maximum DTI is 50%. We can go up to 95% LTV (loan-to-value); if you are above an 80% LTV on a purchase, the occupant borrower must have 5% of their own funds into the transaction. Ratios are calculated on the combined income and liabilities. The occupant borrower must also have some source of income that can be documented. This is a great solution for anyone not having enough documented income to qualify. Give me a call to discuss this program in more detail!
So, if you need a Miami Home Mortgage, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution. We at Element Funding, will help you with an exceptional Miami Home Loan where our Primary Focus is you!
[i] Fannie Mae Desktop Originator/Desktop Underwriter Release Notes DU Version 9.3,on HomeReady case files, Sept. 29, 2015