Excluding Debts From Co-Signed Loans To Qualify For Mortgage

Excluding Debts From Co-Signed Loans To Qualify For Mortgage. Mortgage Marketing Tips For Loan Officers Struggling On Social Media

Excluding Debts From Co-Signed Loans To Qualify For Mortgage video duration 2 Minute(s) 34 Second(s), published by Gustan Cho Associates on 22 08 2019 - 17:43:06.

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Excluding Debts From Co-Signed Loans To Qualify For Mortgage * Mortgage borrowers who are co-signers on debts often have a hard time qualifying for

. Scott Handley with Western Pioneer University explains how a Loan Officer should be selling and closing their loans during their presentation
Check it out!. Mortgage marketing tips & social media strategies for the busiest of busy loan officer and mortgage broker who is looking to build their personal brand online.

1. Excluding Debts From Co-Signed Loans To Qualify For Mortgage

* Mortgage borrowers who are co-signers on debts often have a hard time qualifying for mortgage loans because the monthly payments of the main borrower are included in the calculations of their debt to income ratios.

- There are ways of excluding debts from co-signed loans
- But they are strict and a mortgage loan originator who is planning on excluding debts from co-signed loans needs to carefully examine the payment history
- Loan officer needs to determine how the debts are paid on a monthly basis by the main borrower and see the paper trail for the past 12 months
- The main borrower needs to prove that he or she has been making timely payments for the past 12 months with a bank check and/or online via online payment
- Cannot have the main borrower be late on any payments in the past 12 months or the deal is off
- Cannot exclude debts from con-signed loans if there has even been one late payment
- Borrowers who paid cash on co-signed loans cannot have the debts of the co-signer excluded from co-signed loans
- Cash payments do not count
- All monthly payments will need to be documented

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