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skyannamarie · Joined: 31 Jan 2010 Posts: 1 1.38 Dollars($)

My husband and I are looking to purchase a home in a few months in rural Kansas City. We are hoping to be able to qualify for around 200k. I work for a bank making 26k. My husband though just graduated from college with a Business/Entrepreneur degree this past summer and is a self employed guitar teacher. By the time we are applying he will be making between 24k and 30k. From what I understand a lender will not accept his income until he can verify it for 2 years. We are wondering if we would be able to have a cosigner on either an FHA or preferably a USDA loan. We both have good credit and at the end of March will have absolutely no debt to our names. If anyone could give us some advice that would be wonderful!

jenkin7 · Posted: Mon Feb 01, 2010 1:08 am Post subject:

Hi skyannamarie,

Your husband's income will not be considered until he can verify it for at least 2 years. However, if your income is insufficient to qualify for the mortgage, you can definitely use a co-signer to help you qualify. FHA does allow non-occupant co-signers on mortgages. This means you will be able to use a co-signer on the loan and he/she does not have to occupy the property. He/she can have his/her own primary residence and still sign on a loan on your property. However, the co-signer will be as much responsible for the loan as you and husband would be as a primary borrowers.

Guest

cosigner would have to be appraised -and could still sell your loan to a note dealer!

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CoSigner on an FHA or USDA loan

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