I'm working on a deal currently where my customer needs to refinance in order to keep his home and remove his ex-wife from the existing mortgage and title. My customer has excellent credit but doesn't make enough money for his debt-ratio to qualify for a loan in today's tight mortgage market. His Dad has offered to help him out so that his son can keep his home and his grandchildren can continue to live in the home that they are accustomed.
Luckily, FHA has a program that allows a non-occupying co-borrower. FHA only offers programs for primary residences (no investment properties or vacation homes) but will allow the Dad to go on the loan and use his income and assets to qualify, along with the son's, and not be required to live in the house. The co-borrower's income and assets and credit are used as qualifiers, as well as their debts. And, it's important to note that the co-borrower is just as responsible for the debt as the borrower, even though they're not living in the home.
This is a great program for situations such as this, as well as for First Time Homebuyers when the parents are willing to help their children purchase their first home.
Another great thing about FHA mortgages is that they allow for up to 97% of the purchase price/value to be borrowed, requiring a modest down payment.
Reverse Mortgages are one of the few growing segments of our industry right now and I believe deserve to be looked at by all eligible borrowers. I admittedly do not have a tremendous amount of experience in this niche yet but plan to. A summary of the product in a nutshell:
It's easy to qualify as well! The customer doesn't need to provide any income documentation to the bank, doesn't need to have a job, and there's no minimum credit score required to qualify. The customer just needs to be at least 62 years old and the property that you take out the reverse mortgage on needs to be your primary residence.
The most popular reverse mortgages are either FHA or Fannie Mae backed.
Do others feel strongly about this product?
Experienced, full-time mortgage banker/broker specializing in Purchase, Refinance, and Reverse mortgages.
I am an experienced mortgage professional with Guaranteed Home Mortgage Company. Guaranteed is a well capitalized mortgage banker/broker and has been in business since 1992. I am currently working out of our home office in White Plains, NY.
I have over 20 years of experience in the financial services field. That experience helps to set me apart from my competition. I am able to review your overall financial picture and and provide expert advise, using a mortgage loan as a financial tool. I pride myself in being able to place the loans that most of my competitors cannot.
I am a committed and passionate professional who puts my clients' best interests and satisfaction above all else. My determination to cater to my clients' specific needs coupled with market expertise, attention to detail and superior negotiating skills allows you to receive first class service.
I believe that the most important part of my job is communication. I take ample time during our first meeting, either in person or over the phone, to discuss and explain all of your options. After our initial meeting, you can count on the fact that I will keep you informed and updated through every step of your transaction.
I graduated with a Bachelor's Degree from the University of Scranton a "few" years ago. I live in Pawling, NY with my 2 great (most of the time!) kids, Griffin and Madison, and our dog Lexi. In my free time, I enjoy playing golf, guitar, and cooking.
We are licensed in 30 states, with my focus being on Dutchess, Putnam and Westchester Counties in NY.
"Thank you so very much. Everything did work well and we did indeed miss seeing you. We are extremely thankful to you for the gift, it was indeed a WONDERFUL SURPRISE. We appreciate not only your assistance throughout the process; but, we are grateful for you supporting us for all this time. If we ever hear of anyone seeking assistance in buying a home, we will not hesitate to say your name. Thank you kindly." Suzanne W.
"Steve, all went well with the closing, much smoother than the closing on my house (with another loan officer). I will certainly keep you in mind if I hear of anyone looking for a mortgage. Thanks again." -- Dora R.
"Hi, Steve -- Thanks so much for your help! No problems, everything went very smoothly at the closing." -- Scott S.
PS: Referals are the best Thank You I can receive!
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