Co-Signer for FHA loan?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

May be I understood wrongly

You are saying you get child support from your ex, then it will be counted towards your income

gmakerley · Posted: Sun Oct 25, 2009 7:26 pm Post subject:

is what you claim your husband gives you child support? is it court-ordered? or is it that you simply want to call it child support so a lender would use it? based on your initial inquiry about using his income - "Maybe I could have him write a letter stating he pays me 500 per month? " it would appear the latter is the case. i'm afraid you simply won't qualify, unless you find one of those lenders who do the sub-600 credit score loans.

Guest

I have a fha loan for 180,000 and income of 145,000 per year and a credit score of 700 may I cosign fora fha loan for my son who has a score of 650 and income of 30,000 per year on a 120,000 Home

Guest

My dtr. and son in law have a credit score around 225, only debt is school debt, have a P&S on a house but have waited forever for the mortgage company (FHA loan). I think the mortgage company, not a bank "preapproved" the amount they could borrow, and they haven't gone over that amount. I thought "preapproval" meant a bank - Can anyone explain the mortgage co. process? The buyers don't have a big income, but the mortgage co. knew that, and they have an unblemished rent record, etc. How long can this take? Been almost two months.

Guest

my daughter is trying to get approved for a home loan of approximately $40k, her credit score is in the four hundreds and she brings home about $1000 per month, by credit isnt the greatest but I have good income, will I be able to co-sign for her a home mortgage.

jenkin7 · Posted: Fri Nov 06, 2009 1:01 am Post subject:

Hi sallyjoe,

If your daughter has credit score of around 400 points, there is no way she can qualify for a loan in this market. You could have helped her as a co-signer to qualify for the loan, in case her income is not sufficient. But you cannot help her with the credit scores. She will have to work on her credit to get approved for a home loan and a score of around 600 is a minimum requirement these days.

Hi jeanni,

Guest

Hello, I am looking to buy a house. My credit is around 560-585. I still currently have a collection on my account. I make $58,500 a year. I have one vechile note $19,000 on my credit since nov 08 and I have never been late on a payment. My wife has a little lower score than I and she is currently drawing unemployment. She is also in school and will graduate in Aug. 2010. My mother and father are both willing to co-sign. I have no idea if they have ever had an FHA loan. They both have scores above 830 with great income. They have owned their house since 18 years or more. Will I be able to qualify for a $110,000 FHA loan?

gmakerley · Posted: Mon Nov 09, 2009 3:09 pm Post subject:

well, mr pettigrew you certainly have enough income, it would appear, to qualify for such a loan. however, you'll have to find a lender willing to work with your credit score as it is. as for your wife, i'm not sure if she'd find her way onto a loan note or not. you didn't state her score except to say it is worse than yours.

as for our other poster who noted a credit score of 225, there is no such score. you'll find that the three repositories' lowest possible score is 300.

Guest

I'm sorry. We were not planning on using my wife on the loan at all. Do you think that any lenders will work with me or am I just out of luck even though I have 2 co-signers with 830 plus credit? Would you suggest anybody who might work with me?

gmakerley · Posted: Tue Nov 10, 2009 11:41 am Post subject:

go back to the initial pages of this thread. i believe there's a lender on here who has indicated an ability to work with scores such as you have.

Guest

I am looking to get a loan for about 50K on a 4 unit building. I will be occupying one of the units and renting out three. My credit score is decent (660) but my income is low ($12000). If I get a co-signer do you think I will be able to qualify for the 50K.

Does the cosigner have to be a realive?
Does the cosigner have to live on the property?

Thanks

Guest

Also I found this article: "Under the FHA rules, a parent can co-sign a loan for their child. The property is owned in the child’s name, not co-owned with the parent. FHA puts all of the income and debt into one calculation, so it is possible to have a child who does not earn any income purchase a property using FHA financing with a parent co-signer.

Does this apply to multi-unit buildings.

The discussion of multiple properties financed this way is addressed, the specific comments are:

“Transactions in which parents help their children buy their first home are permitted as long as the non-occupant co-borrower is not developing a portfolio of rental properties” and “The amount of the financial contribution by the non-occupant co-borrower and the number of other properties similarly owned must be looked at closely.”

So, if you’re co-signing parent has a bunch of other properties, then we may be in trouble. If the kids involved are close to qualifying in their own, especially if they all live in different areas, then we should be ok. Obviously, if the kids all buy houses right next to each other, then we’re in serious trouble.

gmakerley · Posted: Sat Nov 21, 2009 12:28 pm Post subject:

your $12K annual income will be increased by the rental income you'd be receiving from the other 3 units, cynthia. whether you'll qualify or not is going to be dependent on the rental income you'll receive, as well as income and debt of your co-signer. no, your co-signer need not live in the property.

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