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FHA credit underwriting standards MUST be met by every person who signs the loan.
Every person on the loan is responsible for full repayment.
Credit score guidelines will be set by the lender and must be met by each person to be included on the loan.
Those applying are limited to only one 30-day delinquent payments to outside creditors.
Those applying must also have no accounts in collections, not including medical bills within the past year.
Borrowers and co-borrowers must be related by blood, marriage, or law or the LTV will be less for a property with 2-4 units.
Whoever has the lowest credit score between the borrowers is the one used for the loan application.
Co-signer’s income must be enough to cover their own financial responsibility as well as the new mortgage.
KIDDIE CONDO LOAN BENEFITS
Another great benefit to the kiddie condo loan, it that it allows the borrower to have roommates and an even better benefit is you can charge that roommate rent! This is another great way to alleviate some of the financial struggles a college student might face. Alongside college students having to manage their independence, they also get the chance to act as a landlord which can be a great learning experience for them.