Compared to every other mortgage loan program, the FHA loan has significantly more parents who co-signed on their children’s loans.
What’s interesting about this—and something many consumers don’t know—is that usually once such a loan has matured for 12 months, people can refinance and remove co-signers from the loan.In today’s market, with mortgage interest rates still at historically low levels, an FHA refinance can enable many people to free up their parents’ credit while still getting a lower rate in the process, ultimately saving money.
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