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Father co-signed an FHA loan for his daughter as a non-occupant co-borrower. Father now wants an FHA Reverse Mortgage on his primary home. The daughter has documentation she is paying the mortgage. Can Father enter into another FHA loan? If Father can do an FHA loan on his primary, do we have to count daughter’s mortgage in his FA? Also, Father’s wife is 58 and will be a NBS. If we take her off title to close the loan, can we count her income in the FA?

HPeterson

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The father can get his own FHA mortgage if he can provide the evidence that the daughter has made the most recent 12 months payment from her own account and on time. We do not need to count the daughter’s mortgage in his FA if it has been paid on time. The NBS’s income can be used, or it can be provided to show that she is self-sustaining, and the residual can be calculated based on 1 person (just the borrower).

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