Derek McGowanLoan Officer / Owner, McGowan Mortgages · Branch Manager & Top-Ranked Mortgage Advisor

Options for Co-Signer #fhaloan #homebuyer #homeloans #interestrates #firsttimehomebuyer

17 Jan 2023

Watch on YouTube

This is a YouTube video titled "Options for Co-Signer #fhaloan #homebuyer #homeloans #interestrates #firsttimehomebuyer" containing a monologue by Derek McGowan explaining the requirements and options for co-signers on different types of home loans, including VA, FHA, and conventional loans. The content was created on January 17, 2023, and focuses on home financing details relevant to first-time homebuyers.

You do not have to be married to have somebody co sign on your home loan. Only VA financing requires that. So VA loan has to be your spouse, can't be fiance, has to be legally official. But conventional and fha, you could have a cosigner that doesn't even live in the house. Even now on fha, if you have that situation, it has to be a family member or a close family friend. If they do not live in the house, they live in the house. It could be anybody. They're living there. They're taking full on responsibility. Conventional allows it to be somebody that's not your family member that don't even have to live in the house. They're just taking financial ownership alongside you.