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Economy Weak; Co-Signers Allowed

Rates are holding as more negative economic news surfaces that is offsetting some of the positive stock market news. Industrial Production and Capacity Utilization numbers, for example, were both down, further indicating that a recovery is a long way away.

We are finding it difficult to get some of our first time homebuyers approved for condo purchases with high HOA dues (in excess of $400). We resolved a recent issue we had by having a parent co-sign for her son. That prompted us to remind everyone about one more wonderful feature of FHA financing – it allows for co-signers irrespective of the size of the down payment. Freddie Mac also allows for co-signers but the down-payment needs to be 20%. Fannie Mae does not allow co-signers.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167