Can you use a cosigner to qualify for an FHA loan?

Jessica
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Obtaining a mortgage loan is not a very easy task. Rather it is a very intricate and time-taking process. Importantly it is a very significant move in your life.

It is often seen that out of the excitement of owning your dream home, you commit mistakes. You also make mistakes because of your ignorance on mortgage as well as because of the complexities involved in the mortgage process. Sometimes these wrong steps taken by you prove out to be very costly. You may have to incur huge losses and even may have to face the negative consequences of foreclosures.

You can make mistakes while taking out a fresh mortgage loan, while opting for a second mortgage loan and while refinancing your original mortgage loan. Take a look at 31 common mortgage mistakes in total.

12 Home-buying mistakes to avoid

Owning a home is a symbol of personal achievement and is very self-satisfying too. But it is not a cakewalk. In fact, your dream of owning a home can turn out to be your financial nightmare because of your wrong steps while making the purchase. Have a look at 12 common home-buying mistakes so as to shield yourself from these slip-ups.

10 Big second mortgage mistakes to stay away from

Once you have taken out a mortgage loan and have acquired some equity in your home, you may become complacent at the time of taking out a second mortgage loan. Have a look at these 10 second mortgage slippages so as to better equip yourself to cash in on your home equity.

9 Refinance Mistakes and how to avoid them

The allurement to enjoy better rate of interest may instigate you to plunge into refinancing. But your imprudence and hasty decision may put you into serious troubles too. Know about 9 common refinance mistakes so as to safeguard yourself while replacing your original loan with a new one with better terms.

If you however have proper knowledge about these common mortgage mistakes that many home buyers often make, it becomes comparatively easy for you to make the right mortgage move.


Last updated on April 17, 2014

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LAJ


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Post     Post subject: Can you use a cosigner to qualify for an FHA loan?

Hello there.

My husband and I are trying to qualify for an FHA loan. My father has offered to co-sign, but I am getting conflicting information.

Here is the scenario:

I am just shy of being approved on my own for the amount we want. Husband has credit issues and cannot qualify. My credit is fine, but I need a bit more income. Husband makes more than enough to qualify us, but his divorce caused a lot of issues.

Father does not live with me, and owns a home, but does not have an FHA mortgage.

Can he be a co-borrower or co-signer or help us at all? Is this a lender choice?

Thank you for your time.

L

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Mini Profile  brian1

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Post     Post subject: fha loan cosigner

Yes you can use a non occupant co borrower.
You can get a free quote by filling out some contact info at the top of the page.

Good Luck
Brian

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Mini Profile  chrisburns

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Post     Post subject:

The previous poster is correct. He won't have a problem as a non occupant co borrower.
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Mini Profile  gmakerley

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Post     Post subject: fha loan cosigner

i agree with both chris and brian. assuming your dad is adequately qualified you'll likely have no difficulty in obtaining a mortgage with him as co-signer.
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Post     Post subject: FHA cosigner

I make about 100K a year but have a real estate investing bankruptcy on my credit. We are planning to take a loan out in my wifes name but she only makes enough to get approved for 150K loan. The loan we want is 200K. If we got a co signer, (father with excellent credit) would it be possible to get the loan for 200K? Thanks
Mini Profile  gmakerley

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visitor, just as the original poster ought to be able to use a non-occupying coborrower, so should you.
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Post     Post subject: non-occupant fha cosigner

Comments above are correct. The commenters used different terms and accurately stated they should be OK. The non-occupant co-borrower is a relative on the mortgage and on title. A non-occupant co-signer is not on title and not on the mortgage, this being a relative who agrees to pay if you do not but has no ownership to the property.
Shelley


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Post     Post subject: Co signer for mortage loan

My husband and I both have a credit score of just under 600 which is keeping us from qualifying for a loan. The broker is telling us that w can not use a co signer or co buyer with much better credit yet he is not explaining why. Is it ture that we can not use a co signer?? If so why?? Thanks!!
Mini Profile  Niicss

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Hi Shelley,

In my opinion, you should be able to use a co-signer or a co-buyer to get the loan. It is quite surprising as to why the lender is not agreeing to it. It will be better if you can contact with other lenders and check if they can give you a loan. You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. Let's hope they will be able to help you.

Thanks.

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Post     Post subject: fha loans with cosigner

i work and make enough money to get a loan but my credit score is low.my wifes is better hers is 593 but she doesnt work but 1 day a week so she dont have enough money to account for.we have a co signer her granmother who has perfect credit.i thought we would b able to get a loan but we are getting the run around and everything?can anyone help us thanks
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Hi

Actually due to the current volatile nature of the market, the lenders now are offering loans to those who qualify the stringent credit requirements. Thus, a 600+ credit has now become a necessity for you to qualify for loan. I'd suggest you to wait for some time before you apply for a loan and work on improving your credit during this time so you qualify for a loan at affordable rates annd terms.
jan


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Post     Post subject: fha cosigner

i qualify for only 50000 ona aloan my fiance only has a credit score of 577 can he qualify to be on the loan with me for fha
Mini Profile  Garysnober




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HI jan, I do think that both the main borrower and co borrower must meet the min score of 620 to be put on the loan.
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Post     Post subject: fha co signer requirements

that is correct, gary. all borrowers must meet the minimum 620 threshold.
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Post     Post subject: FHA Co signer requirements

I am self employed and have a credit score of 756. The lender says I don't make enough income & I require a co-signer. What are the requirements for a non-occupant co-signer? Does the lender require a certain income, credit score, etc?
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