Co-Signer for FHA loan?

Guest

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

brian1 · Posted: Thu Aug 28, 2008 6:32 pm Post subject:

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

chrisburns · Posted: Thu Sep 04, 2008 4:38 pm Post subject:

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

gmakerley · Posted: Fri Sep 05, 2008 10:00 am Post subject:

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.

Guest

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

gmakerley · Posted: Mon Jan 12, 2009 9:45 am Post subject:

visitor, just as the original poster ought to be able to use a non-occupying coborrower, so should you.

Guest

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.

Guest

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!!

Niicss · Posted: Fri Jan 16, 2009 2:12 am Post subject:

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.

Guest

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

savior70 · Posted: Fri Apr 03, 2009 5:33 am Post subject:

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.

Guest

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

Garysnober · Joined: 17 Mar 2009 Posts: 455 15.40 Dollars($)

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.

gmakerley · Posted: Fri Apr 10, 2009 10:52 am Post subject:

that is correct, gary. all borrowers must meet the minimum 620 threshold.

Guest

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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