FHA 3rd borrower requirements?

Ok, so we were denied an FHA for 190k!!! my husband is 1099, so they took the net income and of course was not enough to finance us. My income helped our monthly yucky, BUT i’ve only been at my job for 2 months after 3 years off. Now the banks are saying we can have a 3rd non occupied borrower who has 2 years work history and decent credit and income. All this for 190k. Will it be worth it to have 3 borrowers on such a small amount…and its never black and white like they say..what are the gray areas to involving a 3rd borrower like my mom who just did a loan mod of 330k on her house?


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    Related results on FHA 3rd borrower requirements?

    1. 100% Financing available No reserves required. FHA regulated closing costs. Easier Credit Qualifying Guidelines such as: No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. ... H. The borrower has substantial nontaxable income (if no adjustment was made previously in the ratio computations). I. The borrower has a potential for increased earnings, as indicated by job training or education in the borrower=s ...

    1. No minimum credit score ? FHA home loans do not have a minimum credit score requirement. The FHA mortgage underwriter will evaluate the entire credit profile to determine the FHA mortgage applicants likelihood of repayment. ... Non- occupying co-borrower allowed ? FHA mortgage loans allow a non-occupying relative to co-sign the mortgage. The non-occupant's income and assets can be used for qualification purposes. This is generally used for parents to help their children ...

    1. If a proposed borrower is auto approved by DU Desktop underwriter(fannie mae)or LP Loan Prospector (freddie mac) most FHA Home Loan lenders will follow the approval.DU and LP will approve borrowers based on their credit profiles . ...