Khash Saghafi NMLS, Mortgage Loan Officer, Cleveland OH NMLS 1114762 (Liberty Home Mortgage Corporation)

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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
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Yes....and I'm betting we'll see a full explanation of this on your blog soon! Am I right, Khash?!! 

Jul 08, 2018 06:48 AM
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Sure, but co-signing is not something to consider lightly. You are on the hook and without benefits!

Jul 08, 2018 05:59 AM
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Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

Yes they can. And I don't see this question as a promotional thing, nor does it have to be rephrased. I have no problem with it.

Jul 08, 2018 05:11 AM
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Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

You tell us, sensei!
#khashtagtime

Jul 08, 2018 07:52 AM
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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Yes.   But you need to get a definitive explanation of the process from a professional mortgage lender like Khash Saghafi

Jul 08, 2018 07:10 AM
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

 Jason E. Gordon, what say you sir, oh Oracle of my mortgage division?  

MR. Kash seems to think we need to know his industry as much as our own. But, when you surround yourself with smarter people and know how to delegate and be a leader, well...you have my business.

"I am not the smartest, but I surround myself with competent people."~ Henry Ford

 

Jul 08, 2018 06:54 AM
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Keep asking questions....

Jul 08, 2018 05:49 AM
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Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

YES!

Jul 08, 2018 05:34 AM
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Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

What you are seeking here is a "Non-Occupying Co-Borrower" (i.e. someone to help guarantee the loan who will not live in the subject property). Whenever this option is pursued, we will "mesh together" all of the debts & income for all Borrowers for debt-to-income (DTI) ratio purposes. This means that the primary housing payment for the Non-Occupying Co-Borrower will be included in the DTI calculations. Assuming no DTI issues, we typically have ourselves an approval (from a cash flow standpoint).

That said, the 592 FICO Score eliminates Fannie/Freddie (i.e. Conventional/Conforming) Loans from contention, unless a Rapid Re-Score (to get the FICO to 620+) is possible. From a FICO standpoint, the 592 score is still eligible on an FHA loan. We would just need to make sure the property was eligible for FHA financing (i.e. if the property is a condominium, it must be FHA approved).

Any credit scores below 600 should be examined by a Mortgage Professional rather than offering any "blind assurances" for approval (as scores that low are low for a reason...we need to determine the details before assuring all parties we have a green light).

Many Lenders have overlays that require a 600 or 620 FICO, while others will puruse a "manual underwriting approval" for the lower scores. Best to have this file underwritten ahead of time before any offers are submitted.

 

Thank you for looping me into the conversation Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D ... I'm always happy to contribute to the AR Community

Jul 08, 2018 09:34 AM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I am not a lender, however, I believe the answer is Yes.  As with all loans, the application and loan package will need to get underwriting approvals.  This is why I have a lending partner to help my clients. 

Jul 08, 2018 08:52 AM
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John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

The answer is "yes" but there are more details and possible consequences to consider.

Jul 08, 2018 08:06 AM
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Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Of course they can. Banks don't care who pays, just show them the money and sign on the dotted line. Or provide a guarantee; everyday business (but guarantees are trickier).

Jul 08, 2018 07:34 AM
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

That's a great questions for a licensed mortgage broker. 

Jul 08, 2018 07:28 AM
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Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

this is often a "tough place" Khash Saghafi .... but you're thick skinned.... not that you should need to put up with anyone's s_ _t .... I'd be kicking some ass, if I were you.... but that's me, not you.

Jul 08, 2018 07:01 AM
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I would ask a lender, but I think the answer to this is yes.

Jul 08, 2018 05:55 AM
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I've seen it done. My husband and I co-signed for our daughter and son-in-law when he was in graduate school. We never lived in that house in Iowa. (Plus what Scott Godzyk said. This Q&A section is not meant as a quasi-promotion for one's posts.)

Jul 08, 2018 05:07 AM
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

I see others have chimed in, but I'd just add that it depends what those credit issues are.  If AUS likes the file, then the non-occupant coborrower is welcome to help.  If not, there's always a manual underwriting option, but those credit issues would be scrutinized pretty heavily especially if they're recent.

Jul 08, 2018 11:22 AM
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Yes,

And one of the way to make your presence known is to comment on blogs.

Jul 08, 2018 09:47 AM
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yes.  I've seen that a few times over the last couple years.  Mom and dad helping the kid's family be closer to them.  Something about grandkids.

Jul 08, 2018 09:41 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Isn't that what cosigners are for?

Jul 08, 2018 09:37 AM
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Great blog by you today explaining this.

 

Jul 08, 2018 09:22 AM
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

For 15 points , I’ll say Yes

Jul 08, 2018 09:16 AM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I believe there are lenders who do a higher down payment on FHA for even a 580 score n=but they need to talk to a financial advisor to see if home ownership is for them now or should they wait a bit.

Jul 08, 2018 06:11 AM
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Yes, I do know that Khash Saghafi . Although q and a is not meant to answer your own question, you should put it all in your blog. Q and A is also not meant to promote your blog or anything, just ask or answer questions. You coudl rephrase your question and still get some promotinal push without violating q and a though 

Jul 08, 2018 04:32 AM
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Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

I am going with this is primarily a rhetorical question LOL so I'll look for all the answers 

Jul 11, 2018 03:26 PM
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I was thinking this was a trick question - I always refer these scenarios to my lender.

Jul 11, 2018 06:31 AM
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I would have to say depends on how the loan is set up

Jul 10, 2018 06:40 PM
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No ide

Jul 09, 2018 05:56 PM
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Khash Saghafi - I am sure it should be possible. (Again, not a lender but just feel it is possible.)

Jul 08, 2018 09:55 PM
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Melissa Jackson
Century 21 Alliance Properties - Azle, TX
Helping You Make The Right Move

Yes,I believe so. This also depends on the lender being used and what products they offer.  

Jul 08, 2018 10:47 AM
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Yes.  However, co-signers exposed to the risks that may should not take. 

Jul 08, 2018 10:32 AM
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Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

Of course

Jul 08, 2018 09:12 AM
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Richard Weeks
Dallas, TX
REALTOR®, Broker

You are in the mortgage business and you don't know they answer.  The answer is yes.

Jul 08, 2018 05:59 AM