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JOliver1126
20 Posts |
 Posted - 06/23/2008 : 2:10:35 PM
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Ok here it goes.....
I have a transaction with (3) people involved, a mother, son and daughter. The mother has excellent credit but just lost her job and collects unemployment, the son has excellent income but no credit and has no utilities, car payment or cell phone in his name and his rent he has paid for (24) months by cash to the landlord; and finally the daughter has a 580 credit score and good income just not enough to qualify on her own. What are my options here? I am fairly new at doing FHA so please lend me your support in any way possible. Thank you all in advance. |
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williamspeaking
4058 Posts |
Posted - 06/23/2008 : 2:13:00 PM
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| dead |
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Aloha
294 Posts |
Posted - 06/23/2008 : 3:17:15 PM
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| How does he pay for cell phone and utility bills? |
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JohnOliver
14 Posts |
Posted - 06/23/2008 : 3:22:18 PM
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| He pays but out of a checking account in his mothers name and he doesnt own a cell phone. |
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Reegor
483 Posts |
Posted - 06/23/2008 : 3:26:19 PM
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Try with sister and brother co-borrower.
Forget mother unless she gets a job.
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jbelman
254 Posts |
Posted - 06/23/2008 : 3:29:05 PM
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quote:
Originally posted by Reegor
Try with sister and brother co-borrower.
Forget mother unless she gets a job.
+1 |
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jbelman
254 Posts |
Posted - 06/23/2008 : 3:29:40 PM
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| What LTV are you looking for ? |
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JohnOliver
14 Posts |
Posted - 06/23/2008 : 3:30:09 PM
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| 95% or so. |
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Aloha
294 Posts |
Posted - 06/23/2008 : 3:37:41 PM
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| yes, try sister and brother as co-borrower. That's the only way u might get it done..but don't forget to put him on a title. |
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