The Romo Report

The Mortgage Blog Of Alex Romo – 312-738-8430


Who can coborrow in a VA loan?


Often when veterans seek out the benefits of a home loan from the U.S. Department of Veterans Affairs, they are not alone. They may want to bring on a co-borrower to help finance their home purchases and pay for the mortgage. In these cases, veterans should carefully look at the eligibility requirements for co-borrowers and whether they should partner with someone else to secure their houses.

Who qualifies as a co-borrower for a VA loan?
According to, there are two types of people who are typically considered co-borrowers for a VA loan:

  • Spouse of the veteran. Often couples look to buy a house together, which naturally leads to both spouses wanting to have their names on the loan applications. For VA loans, like for regular home loans, a spouse can qualify as a co-borrower for a loan.
  • A veteran who will cohabitate the home. Another option is to talk with another veteran who also fulfills the eligibility requirements for VA home loans. This other veteran can become a co-borrower if he or she intends to live in the same house as the main borrower.

Before veterans decide whether they will bring on another person to apply for the loan, they should consider their and their prospective co-borrowers’ current finances to determine whether they are compatible. Lenders may be hesitant to lend money if the co-borrower does not have the means to pay for a loan in case the prime borrower is unable to or if he or she does not meet the definition of the usual co-borrower. The VA noted that a co-borrower will be required to continue paying off a loan if a veteran dies before the loan is completely paid off.

Here are ways to improve chances of approval with a co-borrower on a VA loan:

Check creditworthiness 
Although potential home buyers may have known their co-borrowers for years, it’s important that they check their co-borrowers’ credit scores to see where they stand financially. Veterans can ask the co-borrowers what their scores are and whether they have any negative marks that could weigh on lenders’ minds during the approval process.

Determine income
When applying for a loan, the lender will have to verify income for the borrowers. Veterans should ask the co-borrower what his or her income is and for him or her to provide documents proving this before having everything ready to hand over to lenders.

As veterans go deeper into the loan application process, they can contact Alex Romo @ Federal Savings Bank, a veteran owned bank, to learn more about what they need for approval.

Call me today! I will close your VA Loan in 30 days!



Filed under: Housing Market, Mortgage Advice, , , , , , , , , , , , , ,


Before starting your home purchase – getting fully pre-approved for a home mortgage is key!

Not being sure about your credit can be nerve-wracking.  Having less than perfect credit can have serious mortgage limitations.

Not to worry – I have the perfect program for you!

Click here for quick intro to my exclusive program –                                            MY CREDIT REPAIR PROGRAM

CALL ME TODAY  – 312-738-8430

Alex Romo – Senior Vice President – Mortgage Lending

Licensed to lend is ALL 50 States!


New Leaf

Filed under: Mortgage Advice, , , , , , , , , ,


StopWith the Holidays coming up, stores are rolling out the “savings” with “discounts” and “zero % credit cards”.

Reports show the Holiday discounts are coming sooner this year.

Right after Halloween!

Buyers, do not open new credit or increase your current debt until AFTER the closing. This can definitely put a wrench in purchasing a home and can easily disqualify you.

Banks are required to do a soft pull on credit the day before closing to make sure NOTHING has changed.

REALTORS***This is the best time to reach out to your clients who are either under contract or thinking of purchasing in the near future.

Although I say this to all my clients, there is always one client who cannot resist opening that Bestbuy credit card to purchase a new flat screen.

Call me with any questions!

Alex Romo -Home Loan Expert


Filed under: Mortgage Advice, , , , , , , , ,


Refinance Today! CLICK BELOW!

Start Saving today!

About Alex

Alex Romo is one the leaders in the mortgage lending industry. With over 10 years of experience, Alex has grown to be one of the top originating Loan Officers in the country. His extensive knowledge of today's programs and the ability to offer the best options for his clients has earned him a high level of respect with his Realtor partners.

Alex utilizes state-of-the-art client follow-up systems to provide superior service.

Alex specializes in referrals from past clients and works closely with Realtors in Chicago and the south and west suburbs where he has personal knowledge of the communities and neighborhoods.

The powerful combination of mortgage industry expertise, local market sensitivity, and top-notch customer service ensure a smooth transaction experience for clients and real estate professionals alike.

“My favorite part about my career is helping those who dream of homeownership achieve that goal,”

Expert in:
FHA Lending
First Time Home Buying
Credit Repair
Equity Repositioning
Jumbo Lending
Commercial Lending


Alexander Romo

Senior Vice President
The Federal Savings Bank
300 N. Elizabeth St 3E
Chicago, IL 60607
Office: 312-738-8430
Cell: 773-550-2539
Fax: 312-628-8311
NMLS# 217060


**Alex is one of the best loan officers I have worked with. He is very skilled and gets the job done. He is great with his clients and walks them through the process from start to finish. He is hard working and very responsive to all his deals he takes pride in his work. I would give Alex 5 stars give him a call you will not be disappointed
- Marlene B. Realtor

**When we found a home at the beginning of January 2014, due to some pressing situations, Alex was certain we could close at the end of the month. And we did!!!! He was actually ready to close a week earlier. His knowledge of the market and about upcoming rule changes to home financing were very helpful for us to decide to buy a home. I would certainly recommend him to anyone looking to finance a home
- Mallari and Robert

**Alex was very helpful during the entire process. He took the time out to explain every step of the loan process from start to finish. Every time that I had an issue Alex was always a phone call away, and he actually answered it. No voice mail, which gave my wife some piece of mind. He did a great job, and I would recommend him to anyone.
- Anthony P.

**Alex, it was truly a blessing having you to work with, thank u so much for everything and for explaining everything to me in my language.
- Charles R. Jr.

**I was looking for a home in the Chicago area and because of my current credit situation I looked to my father to apply for the loan instead of applying myself. My father was a preferred customer at Bank of America and according to our loan officer there, it was a sure deal that the loan would be approved. After a long period of time and very little communication the loan was declined with no immediate explanation. After that whole mess, I was in contact with Alex Romo, not only did he get an approval but he helped me get my credit in line and I was approved by myself. I highly recommend that anyone looking to get a home loan contact Alex. He knows the mortgage process inside and out.
- Eric H.

**Alex really does go above and beyond in helping you get the mortgage that is right for you and your family. He is knowledgeable and more importantly he takes the time to EXPLAIN the often times too wordy jargon that is mortgage language.
- Janie

**Alexander Romo takes the stress out of purchasing a home! Alexander took care of everything for my family while applying for a loan. Alexander was with us from start to finish! When purchasing a home, I highly recommend Alexander when looking for a great loan!
- Jason P.

**Alex has been a pleasure to work with on a number of legal transactions. His extensive knowledge, initiative, responsiveness, and hard work are only overshadowed by his honesty and integrity. I wouldn't hesitate to refer any of my clients to Alex for their borrowing needs!
- Attorney Jay R.

**Alex was very Helpful, and was the only person that was able to get me approved. many others tried but just couldn’t close the deal. Thanks Alex
- Juan A.

**My experience with Alex has been great. He is very quick and responsive and does a great job for his client.
- Margaret L.

**Alex really knows how to take care of his clients. From beginning to end, he was always available to answer questions. His knowledge of the housing market puts him at the top!
If you're in the market to purchase, Alex is your guy! I will recommend Alex to everybody I know
- Maria O.

**Alex is great with follow up and has tenacity to get you or your client the best rate and make the deal work for everyone.
- Phil B. Realtor

**Alex is very professional as a loan originator for The Federal Savings Bank. He follows up with his clients and attends all his closings. I would feel compfortable in recommending him to my follow colleagues.
- Sylvia R. Realtor

%d bloggers like this: