Hi, I hope I’m not in the wrong forum. I have an aging parent whose apartment will soon go condo. I am trying to buy a house, and the parent can live in it for a while, and is still working.
Her DTI is too high, but I have the cash and the moderate credit - 620. What can I do to help her? Living with me is not an option because I am out of state, and she wants to 'stay at/near home." divorcing spouse probably will not ‘let’ her move in until I can move out.
I have seen many homes available near her, some in the same neighborhood, but she cannot qualify because of her DTI.
There are several lenders who will allow you to “co-sign” the loan application along with your parent. You would be considered a “non-occupant co-borrower”. You may even be able to go FHA and use some sort of DAP to qualify for no money down. Good luck. I am looking at the same scenario here in a few years when my mother retires.
I can do a purchase loan with a fico as low as 620 at 100% ltv (can also follow it up with a 105% tltv 2nd mtg to help pay for closing costs…you can even get cash back at closing) with a non-occupying co-borrower. Lender paid mortgage insurance…rate is appox 7.375 right now.