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non occupying co borrower

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marikay091759 Joined: 03 Mar 2011 Posts: 1 1.34 Dollars($)	Posted: Thu Mar 03, 2011 12:38 pm    Post subject: non occupying co borrower Like 0 Dislike 0 Our son is trying to purchase a home, and his income is just shy of being enough to qualify for a loan. The loan officer has suggested that my husband/myself act as non occupant co-borrowers on an FHA loan for our son. My question is this - How will the addition of this mortgage liability affect our credit rating (which is currently excellent)? We have no real concerns about our son not being able to make the monthly payment, but we are concerned about the effect that this additional mortgage might make on our credit rating. Also, can we eventually be removed as co-borrowers on his loan?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Mar 03, 2011 8:24 pm    Post subject: Like 0 Dislike 0 Hi marikay! Welcome to forums! If the mortgage is paid on time, then it will add to your excellent credit rating and improve your scores further. Your son can refinance the mortgage in future and remove your names as co-borrowers of the mortgage. Feel free to ask if you've further queries. Sussane

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