Specialized In Jumbo Loans, Investor Loans, DSCR Loans, Non-QM Financing, Commercial Mortgages, and Tax-Informed Lending Strategies
Published By
David Ghazaryan
Owner / Broker / Banker
Contact Me At
(702) 766-3744
NMLS 1486726
When you co-sign a loan, the entire monthly payment is added to your debt-to-income (DTI) ratio, which can significantly reduce your borrowing power and affect your mortgage approval.
You can often have this co-signed debt excluded from your DTI calculation by providing specific documentation to your lender.
The primary requirement is to show 12 consecutive months of on-time payments made directly by the primary borrower. This proof must come from their complete bank statements or canceled checks.
Be aware that a single late payment made by the primary borrower within the last year will reset the 12-month clock, forcing you to wait longer to apply.
The most definitive way to resolve the issue is to be formally removed from the loan, either through a co-signer release clause or by the primary borrower refinancing the debt in their name only.
Read the full blog article here: https://www.iqratemortgages.com/blog/how-a-co-signed-loan-can-block-your-florida-mortgage
That loan you co-signed now blocks your new home loan. As David Ghazaryan, I structure proof to remove that debt. We need twelve months of proof from the other person. Show their bank papers paying the loan for twelve months. One late payment means you have to wait another year. I detail this full strategy online. See links in description.
Read Blog Here: https://www.iqratemortgages.com/blog/how-a-co-signed-loan-can-block-your-florida-mortgage
