Freddie Mac announced they will no longer allow Non-Occupant Co-Borrowers for Cash-Out Refinances. There is a small window of opportunity before the effective date of this new rule change, so if you are considering a Cash-Out refinance, let’s talk immediately!
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Freddie Mac announced they will no longer allow Non-Occupant Co-Borrowers for Cash-Out Refinances. There is a small window of opportunity before the effective date of this new rule change, so if you are considering a Cash-Out refinance, let’s talk immediately!

ByBrandon Butler

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Will a lender count a debt against me if someone else pays the loan? When someone has a loan that they are obligated under, and another person pays that loan each month, we look at the payment history. Generally speaking, if we can document that the other person has made 12 on-time payments or more, we do not need to count that debt against you when qualifying for a home loan. If this is your situation, let’s talk!
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Will a lender count a debt against me if someone else pays the loan? When someone has a loan that they are obligated under, and another person pays that loan each month, we look at the payment history. Generally speaking, if we can document that the other person has made 12 on-time payments or more, we do not need to count that debt against you when qualifying for a home loan. If this is your situation, let’s talk!

ByBrandon Butler

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What happens if you co-signed for someone’s debt and want to buy a home? Depending on the financing, you must show at least a 12-month history of someone else paying the debt on time. Otherwise, the lender will count it as your debt. If you would like the “What to Consider Before Co-Signing a Loan” tip sheet, comment below, and I’ll send it to you. If you already co-signed for another person’s loan, let’s talk about your situation and structure a plan.
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What happens if you co-signed for someone’s debt and want to buy a home? Depending on the financing, you must show at least a 12-month history of someone else paying the debt on time. Otherwise, the lender will count it as your debt. If you would like the “What to Consider Before Co-Signing a Loan” tip sheet, comment below, and I’ll send it to you. If you already co-signed for another person’s loan, let’s talk about your situation and structure a plan.

ByBrandon Butler

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.