I would like to purchase a home near my son in a neighboring city. Unfortunately, I was let go during Covid and currently have no W-2 income. I have ample savings and a good credit score, and one of my other children who earns good money has agreed to be a co-borrower. Would I still be eligible for a loan?
Wholesaler · Dallas, TX · Member since 2017 · 306 posts · 133 votes
5y
@John Anderson - It can be but do not have to be as long as they are your partner in writing and it is a conventional loan. That rule can be used by your lender requirements. Good luck!
I would like to purchase a home near my son in a neighboring city. Unfortunately, I was let go during Covid and currently have no W-2 income. I have ample savings and a good credit score, and one of my other children who earns good money has agreed to be a co-borrower. Would I still be eligible for a loan?
Hey John
Sorry to hear about your job. If this is going to be a non-owner occupied property, you could do it as a no income verification loan. Rates are in the 4's on a 30 year fixed for people with "ample savings and good credit score". It's a great alternative to conventional financing.