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My son will be attending graduate school. He has a part time job but does not earn much. He has never used any credit vehicle.

Can I get him a mortgage in his name by co-signing?

JKennedySLG · Posted: Sun Apr 26, 2009 7:43 pm Post subject:

With no scores at all, you may run into a problem. Scores will be key. However, considering the qualifying ratios will really be based on your credit profile and income anyway, you may have to have be the only borrower on the loan and have your son on Title.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Hi parent,

Welcome to our forum.

Here i would like to say that, If your daughter having low income i am not sure about passing his FHA ( Federal Housing Administration ) loan or your mortgage. There is hard inquiry before passing loan about your Annual income & your credit score will be count when they inquiring to mach with the requirements. I am not sure about your loan passing.

Thanks & Regards. ( Laughing

)

Posted: Mon Apr 27, 2009 5:45 am Post subject:

Hi,

In my opinion, Annual income is having important role in the approval.
If your son having low annual income i think he can't qualify to applying for loan.

The Credit score also having important to be qualify for the loan approve.
To get loan your son must having more credit score as well as annual income between 50.000K to 10.0000K.Still date inquiring about your credit score & financial reputation is very strict for the loan approval & passing .

If he wants to take loan he must have mach to requirements of loan provider company.

Thanks & Regards.
Daniel

danielcorral13 · Joined: 20 Apr 2009 Posts: 53 0.69 Dollars($)

Hi Parent,

danielcorral13 · Joined: 20 Apr 2009 Posts: 53 0.69 Dollars($)

Sorry for Guests post, this is me i am away from keyboard for 10 min while typing so my log in session is timed out & Connection going in Ideal State .

dilipgagare · Joined: 26 Mar 2009 Posts: 58 0.01 Dollars($)

HI,
Actually mortage loan usually depend upon credit score.
But you can do by using FHA .FHA has such rule to pass loan with co-signer. Your son has low income as you written above so try to do hard
enquiry for this possibly you get loan.

I hope you understand.

Regards
Dilip

savior70 · Posted: Thu Apr 30, 2009 6:23 am Post subject:

Hi

As your son doesn't have a credit history and a decent income, I don't think you can get a loan in his name. A credit score of minimum 620 and 1-2 years of consistent work history are required if you are to qualify for an FHA loan. What you can do is, get a loan in your name and add him to the title of the house. After a year or two when his has a good credit score, you can get it refinanced in his name.

gmakerley · Posted: Thu Apr 30, 2009 6:40 am Post subject:

parent, i apologize for some of the nonsensical posts you've had to endure here.

my take: without a full time job, lenders are not going to be willing to have your son on the loan. that would put the onus on you to take the loan solely, but that would eliminate the possibility of an fha loan. as an alternative, you can borrow on his behalf, purchasing the home as if it were to be a second home for you - a legitimate rationale given what you're trying to accomplish.

needless to say, you'll have to have adequate credit and sufficient income to accomplish all this.

JKennedySLG · Posted: Thu Apr 30, 2009 9:10 am Post subject:

I hope you are not confused by all of the posts which followed my original. Each post pretty much reiterated what I was telling you. Based on the requirements for qualification, your son obviously does not qualify by himself. I hope this helps...

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