Physician Home Loans

Will a co-signer help on a PMI issue?

Question :

My wife and I have found an awesome house. We can't go the FHA route, because, it is a site condo and won't pass the FHA spot check. We tried to go conventional with 10% down, but can't qualify, because, we won't be able to get PMI on it, because, our debt ratio is too high. Would a co-signer help in getting the PMI?

Answer :

Conventional loans do not allow non-occupying co-borrowers; any co borrower must reside in the home. So, I don't think, that would resolve your problem.

Date: May 07