| Author |
Message |
adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
|
Post subject: |
|
|
Welcome Guest,
If your mother has the required credit score and income, she can very well co-sign for your mortgage. You can speak to other lenders and check out if you can be on the mortgage docs.
_________________
Procrastination is the enemy of your financial success |
|
|
Jessa
Guest
|
|
Post subject: FHA loan and co signer |
|
|
| I'm trying to get an FHA loan for 50k my credit score is around a 605, with a collection showing up that I just recently paid off. I was told by a bank that my income to debt ratio was too high to obtain the loan on my own. My dad has offered to co sign with me and I was just wondering if there was an income limit on how much he could make that wouldn't disqualify me from the FHA loan? Also was wondering how to calculate the income to debt ratio and where exa ctly it's supposed to be at. Thanks |
|
|
adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
|
|
Post subject: |
|
|
Hi Jessa,
I haven't heard of any income limit in case of a FHA loan. However, it will be a better option if you could contact your lender and check out if there is any such limit. You can use the given calculator in order to find out your debt to income ratio: "http://www.bankrate.com/calculators/mortgages/ratio-debt-calculator.a spx".
_________________
Procrastination is the enemy of your financial success |
|
|
Lisa C
Guest
|
|
Post subject: cosigner |
|
|
| is a cosigner on a mortgage entitled to ownership of the property |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
|
|
Post subject: |
|
|
Hi Lisa,
Unless the co-signer's name is mentioned on the property deed, he/she won't be able to claim ownership of the property. However, in most cases, the lender insists that the co-signer should be added to the property deed.
Thanks |
|
|
erik22222
Guest
|
|
Post subject: Qualify |
|
|
| Okay, I have been dealing with a short sale through boa for the last 6 months. I had a job for 3 and a half years and while waiting for a signed contract my employer closed the doors. Found a job immediately after and while waiting even more that employer closed doors as well. Luckily I was working two jobs but my second is only 25 hrs a week compared at both pulling 55+. If my parents cosign will this help me qualify?note that I only am working 25 hrs a week with only a month employment. With a credit score of 700. |
|
|
jerry
Moderator
Joined: 17 Oct 2005
Posts: 2708
Location: MICHIGAN
429.63 Dollars($)
|
|
Post subject: |
|
|
Hi erik,
If your parents have a good credit score and income and meet all the other required criteria, then they can co-sign for the loan.
Thanks,
Jerry |
|
|
Cindy9821
Guest
|
|
Post subject: qualify for fha loan. |
|
|
Hi There.
About 4 years ago i helped my mother with her home loan, i co-signed for her and now i am looking into purchasing a home for myself and fiance. I am worried that because i co-signed that i wont be considered a first time buyer and i will have to have a higher down payment for the loan. how can i figure this out? if i am not a first time buyer how much is normally required down 20%?
thanks in advance. |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
|
|
Post subject: |
|
|
Hi Cindy!
Welcome to forums!
If you have co-signed for the loan and if your name is mentioned on the property deed as one of the owners, you won't be considered as a first time home buyer. In case of conventional loans, you will require a down payment of 20%.
Feel free to ask if you've further queries.
Sussane |
|
|
Previous 1, 2, 3, ... 24, 25, 26