Are you considering adding a co-signer to your loan application to improve your chances of approval? Incorporating a co-signer can indeed increase the apparent income on your application, potentially making you a more attractive candidate to lenders. However, the criteria for who can serve as a co-signer can vary significantly depending on the type of loan you are applying for.
For those looking into government-backed loans such as VA, FHA, or USDA loans, the requirements for co-signers tend to be more stringent. On the other hand, conventional loans typically have more relaxed standards when it comes to co-signers. As you navigate the complexities of securing a mortgage, it’s crucial to consider all the factors that lenders evaluate.
Check out our resources below for important links!
In this episode, you’ll learn:
Conventional loans offer more leniency in terms of who can be a co-signer
RESOURCES:
USDA Income Limits: https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state
FHA Loans: https://www.youtube.com/watch?v=SKsrC-dTUNQ
VA Loans, what you need to know: https://www.youtube.com/watch?v=zDrIhGre7_0&list=PLsjEjJAI2Tj9gJXmp6BND04G82sGoEDlt
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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497
💻 Documents Needed to Get Pre-Approved Texas: http://checklist.loanwithjen.com/💻 Loan With Jen | Do Business With Us!: http://apply.loanwithjen.com/💻 Visit My Website - Mortgage Lender Houston | Loan With Jen Education - https://www.loanwithjen.com/
📌More Helpful Content:▶️The Myths and Truths About Credit Inquiries: https://youtu.be/d_RQJnTsVPE▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA ▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo
To contact us visit www.loanwithjen.com
Equal Housing Opportunity Lender NMLS# 514497
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Resources mentioned in the episode:
https://www.loanwithjeneducation.com/
https://www.instagram.com/loanwithjen/
https://www.facebook.com/loanwithjen
https://www.youtube.com/channel/UCFrSijIoUv59fxf0hXMro7g
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