Really need advice..Please help!

QuestionsReally need advice..Please help!
asked 3 years ago

*posting for friend again*


My friend heard back from her mortgage broker today.  The underwriter is giving her issues because of her income last year.  She started a new career as a Realtor and after expenses looks like she only made $ 2800 – It takes a lot to get rolling the first year.


Her mom however is a co-borrower on the loan and makes $ 40k a year.  The underwriter kept saying that my friend didn’t have enough income to sustain the loan, but that is why her mom co-borrowed!


They both have fantastic credit, no lates, no nothing bad at all and both have several paid off personal loands, cars, credit cards etc.


My friend is freaking out!  How can people with 580 scores and multiple collections and stuff get a loan but someoen that has a mortgage score of 780+ have problems?


What can she do?  The mortgage broker is saying she is going to try another lender but the lender options are limited since its a mobile home. She has 3 other lenders to try, she isn’t an alarmist so she isn’t scaring my friend but her being a Realtor knows how fast things can go south.


Advice, please. 


Rundown of mortgage:

$ 74900

She is Realtor and AGI last year was $ 2800, losts of startup expsenses for career.  Her mom same job for 30 years, $ 40k a year.

780 mortgage scores for both

No negatives at all, ever on eithe of their reports.


Why is the underwriter not looking at the co-borrower and only focusing on the main borrower? 

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