Home Buyers Get An Investor to Help You Buy a New Home!

Many California homebuyers find they lack the credit score or the required down payment to qualify for a home loan and purchase a new home. With the help of a mortgage investor as a co-borrower you might get approved for a new home loan.

What is a mortgage co-borrower?

To get approved for a home loan, the mortgage application must have enough income from the borrowers to support the Federal requirement of a 43% max DTI.

The traditional meaning might refer to a private party who is willing to make a financial investment in the property with you. However, recently we see many more relatives, friend and others becoming the investor. While there is private investment money available, it is expensive and you should pursue other options as well.

We tell prospective homeowners to get OPTIONS when trying to get a new mortgage so you can determine the best for your situation. One option may be to get a person to be a non owner-non occupied co owner on the new loan. This normally is a person you know or family member.

Maybe someone who you least expect would be interested in going in with you to help you purchase your dream home in exchange for earning interest and equity on their investment. If that option is not available to you, look for a friend or associate who has the savings to assist you. Get a credit report… The mid score of the lowest Fico is used for the mortgage calculation. Then use one of the friendly mortgage calculators available to see what your budget is. Determine the amount of down payment you have and what the investor will need.

An FHA Home Loan

You will find an FHA home loan is much easier to qualify for and only has a 3.5% down payment requirement. FHA mortgage also have very low interest rates compared to other conventional loan programs.

Most retired people are earning very little interest on their savings and 401k accounts. You would be surprised at how many might jump at the chance to partner with you and make a real estate investment by helping you with your down payment for a new home loan.

We specialize in low rate home loans and look forward to answering all your home mortgage questions. Use our mortgage payment calculator to find out how much home you can afford.