Miami-Home-Loan-4U asks, “How can a family member help you buy your new home?” What do you need? A good credit scores is important; past credit history for the last 24 months is important; your money for the down payment, closing costs, insurance, title work, appraisal, taxes, and other items is needed; and, income to prove you can make the payments. If you have a good score, good credit history, cash to close, but not enough income, a family member could help!
We offer a program that allows a Non-Occupant-Co-Borrower to help with additional income! The new borrower can use their income to provide enough income to qualify for the loan! “How does it work?” you ask? We simply add the non-occupant-co-borrower to the loan to increase the income show. Of course, we also add their debts to the loan as part of the program to insure we are not taxing them too much, but, that is one way to make the program work for the borrower.
This is a Freddie Mac 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 or, anyone you know, is looking to find a Miami Home Loan, or a South Florida Home Loan,to purchase their own home, or to refinance an existing property, and would like help in getting their best financing solution call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami Home Mortgage expert!