23. Jul, 2010 
1 Comment
If my grandmother is trying to purchase a home for me, but her income doesn’t satisfy the requirements for the loan, what can we do? Or is there any other options?
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This is a huge maybe. It will be completely up to an underwriter. If you have shown you have rented property in the past. Say for the past 2 years you have been a renter. You have been paying 1,000 a month rent. You grandma buys this property as an investment (higher rate, higher down payment). You sign a lease with your grandma to rent it back. The underwriter might allow 75% of that amount to offset the payment. As I said might.
Other then that have your loan officer try FHA, even if your grandma doenst live with you and has an FHA loan she can have 2 and buy it for you or with you. Once again thats another underwriter decision. But if the computer accepts it you can go way over ratios. I just got an approval today on FHA with a 48/55%. That is really high. But ive seen higher. Get a good loan officer, I think FHA is your best bet. The loan I mentioned would even go non- conforming with those ratios but FHA took it. Find a loan officer that is really good about running his/her own DU or LP’s. They will know what it means.
Pick a loan officer that runs their own and can do FHA. I had to run the one above 15 different times before i got it approved. Then you step away from the computer and dont touch a thing.
Good luck. Loan officers will know what im talking about.