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

If you do not meet the income requirements for an FHA home loan, you can use a cosigner to qualify for the loan. FHA loans are primarily offered to those who occupy the property as principal residence. But a cosigner on an FHA loan is not required to use the property as a primary residence. For instance, if your parents own a home of their own, but want to help you purchase a home of your own, they can cosign with you as non-occupying cosigners.

Who can qualify as a cosigner?

A cosigner on an FHA loan needs to meet the following criteria:
  • He has to be your blood relative (e.g. father, mother, uncle, etc.) to be a cosigner on the loan.
  • If he is not your relative, you will have to prove that you have a long-standing, substantial relationship with him.
  • He should meet all the required eligibility requirements (income, debt, credit, etc.) which you as a primary borrower have to meet.

Can anyone having an FHA loan cosign on another FHA loan?

It is possible that an individual has an FHA loan on his own property and he cosigns on your FHA loan on a different property. As long as the cosigner's debt-to-income ratio does not exceed the allowable limit, he can cosign on the FHA loan to help you qualify.

Can a cosigner help you qualify even if you have bad credit?

A cosigner can help you qualify for the FHA loan if you do not have good credit. However, if there are negative items like judgments, collections, etc. on your credit report, you will not get approved for the mortgage. In that case, a cosigner even with very good credit scores cannot help you qualify.

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

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Opps that should say..

Thanks, do you know If I could count anything my husband gives me on a regular basis as income? We have a child and are married.

Like | Dislike | Share | Posted: Sat, 10/24/2009 - 10:52

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I thought so myself, I do actually know his score but prefer not to specifically disclose it. I suppose we will try a new company, perhaps a bank we currently have accounts with. I just didn't want to keep running his credit if it was for naught.
Thank you very much for your input!!

Like | Dislike | Share | Posted: Tue, 02/16/2010 - 17:47

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My grand-daughter,25 will co-borrow for me, and I am having collections paid.. I had identity thrift, and was very terrible. I am disabled and need this house to move around in my wheelchair. Is there a program that can help me?I can pay this off later this year, if needed. Is there any help with this? Thank you in advance...Pamela...

Like | Dislike | Share | Posted: Mon, 02/18/2013 - 21:56 | Post subject:

sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Nope

Your husband needs to co-sign for that be accounted for?

Like | Dislike | Share | Posted: Sat, 10/24/2009 - 10:54

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

brian, i think you're far exceeding your abilities to try to purchase a property that's selling for ten times your stipend. lenders don't ordinarily consider a stipend in calculating what you'll qualify for, either; and your inability to obtain a paycheck in the last 6+ months isn't working in your favor either. are you using a cosigner for this proposed purchase? and have you already scoped out the lending territory and feel certain you'll actually obtain a loan?

Like | Dislike | Share | Posted: Wed, 04/07/2010 - 06:55

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Blue, you might find a lender or two who hesitates because of the lack of income for your son, but I am in agreement with Adonis in thinking that you'd be able to assist based on your having solid credentials.

Like | Dislike | Share | Posted: Fri, 04/01/2011 - 12:15

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My credit score is 600 and my husbands credit score is lower than mine but his fathers credit score is higher than mine around 680 Can my husbands father be my cosigner on an FHA loan?

Like | Dislike | Share | Posted: Mon, 10/17/2011 - 17:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my daughter is trying to get approved for a home loan of approximately $40k, her credit score is in the four hundreds and she brings home about $1000 per month, by credit isnt the greatest but I have good income, will I be able to co-sign for her a home mortgage.

Like | Dislike | Share | Posted: Thu, 11/05/2009 - 13:02

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi rjr,

I guess that the lender is asking for a cosigner because you are unable to show 2 years of employment history. If your wife has 2 years of employment history, then she will be able to cosign for the loan. Thus, you won't have to take the help of any other cosigner.

Thanks,

Jerry

Like | Dislike | Share | Posted: Tue, 06/01/2010 - 02:34

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yes, confused, that's quite true. lenders will review your schedule c (i assume) and look at the bottom line, not the gross income reported. the only addition to that bottom line is for depreciation that you may have claimed. that can be added and a recalculation done to determine your qualifying income.

i have to assume that your lender is on the same page as everyone else, and that the proper calculations were made.

Like | Dislike | Share | Posted: Thu, 04/08/2010 - 09:47

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have been qualified for a FHA loan. I am a first time homebuyer, and I have found a home to buy. My income level more than qualifies for the home. I make approx. $89K per year, house costs $235,000---so you can see I qualify.

Here is my predicament. My mortgage broker has now informed me that the underwriters are having a prblem with the type of job I have. My job is one of the Obama American Recovery and Reinvestment Act of 2009 positions, which have been classified as temporary. I have told the mortgage company that the jobs are approved thru 9/2011 and beyond--but this seems to be a hold up. I haven't officially been told to get a cosignor yet--I cannot believe that the mortage company is dropping this bomb on me this late in the game.

Question--
My sister has agreed to cosign. She does have a lot of bills, so her credit score is probably in the high 600's. Her house is worth almost $2 million, and she owes less than $375,000 on it---do you think she will be an OK cosignor??
Many thanks.

Like | Dislike | Share | Posted: Tue, 08/24/2010 - 14:09 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My fiance and I have 2 children together. He works and makes $55k/yr. He also gets per diem between 800-1200/mth. He has been at his job for 5 years. Due to 8 mos of layoff, his credit took a hit. Last I checked when we were approved for a 9k car loan 7mos ago his credit was 550. I believe it may have gone up a little since then since we have been paying all of our bills and loans. I don't work and don't have credit to contribute. We would like to apply for a FHA loan for 33k for a house. I have been researching and know that I read that it is up the the lender regarding the credit score but that the base is 550. My mother is retired and receives income from both social security and her 401k. If we use her as a cosigner what are our chances of obtaining a loan? I don't think it would be hard to prove the relationship between my mother and my fiance since we have 2 children together.

Like | Dislike | Share | Posted: Mon, 01/09/2012 - 17:24

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If I'd like to have a co-signer that is not blood-related, what would be the appropriate amount of time to have known this person? Is three years a sufficient amount of time?

Thank you very much!

Like | Dislike | Share | Posted: Tue, 02/02/2010 - 22:09

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you have no credit score and great income or a low credit score and a great income, you can improve your credit score with revolving credit. Just DONT go crazy with it. A GEMB chevron card reports over night and to all three bureaus. get the card use it once a MONTH. pay the bill as soon as you get it and that will help generate or improve your score. keep all revolving accounts below 50% of your credit limit this too will improve your score.

Like | Dislike | Share | Posted: Mon, 02/22/2010 - 18:09 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jack!

Welcome to forums!

As your wife did not file a bankruptcy jointly with you, she will be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] on her own. If the co-borrower already has a mortgage in his/her name, he or she won't be able to get another mortgage in the future.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 01/03/2011 - 22:01

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

When doing an FHA purchase and using a non occupant co borrower how much of their income can you use or do you do it just like a regular co borrower???? I have looked through HUD handbook 4155.1 and cannot find anything on the nocb income..

Like | Dislike | Share | Posted: Mon, 02/22/2010 - 18:11 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Earnel, there isn't any conflict in your cosigning two different loans, and you're not breaking any rules to do so, either. The rationale behind Adonis' post (I'm sure) is that your debt ratio may be stretched a bit too far, what with the current loan that you're obligated on. If your income is sufficient, particularly when combined with your wife's, then I'm sure the new lender will consider it.

Like | Dislike | Share | Posted: Mon, 05/10/2010 - 10:44

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

whatever the income is, that's what should be used. it wouldn't be discounted for qualifying purposes.

Like | Dislike | Share | Posted: Mon, 02/22/2010 - 20:41

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello! I am new to the forum and am looking for help.

We are an unmarried couple of 4 years and want to purchase a foreclosed home in our neighborhood that is going for $50k. He is owns a small carpentry business and has a credit score of 550 with a $6K debt that is actively being paid off and I am a fulltime student and SAHM with no current income, yet a credit score of 660.

I am wondering if we are even eligible for a FHA loan because of these circumstances...what are your thoughts/advice, etc.
Thank you!

Like | Dislike | Share | Posted: Fri, 04/01/2011 - 16:15

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my credit score are 598 but my husband are 620 but he needs more income to qualify for the loan this means that i need to get my credit scores up to be put on the loan

Like | Dislike | Share | Posted: Fri, 06/24/2011 - 07:49 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I have 20,000 for down payment. We looking for a house between 250k-270k. I have good credit, husband has excellent credit score. But income of both of us only 36k or less a year in the last 2 years because I worked part-time back then due to pregnancy and just graduated. Could I get approve for fha loan? Should I add my father-in-law in to proof more income and chances getting approve easily? He has good or excellent credit score too. I live in California by the way

Like | Dislike | Share | Posted: Tue, 01/21/2014 - 23:26 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

trying to figure out what to do to try and get a home loan. we just purchased a business and are having no luck getting a loan. please help

Like | Dislike | Share | Posted: Fri, 09/17/2010 - 20:45 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Esha!

Welcome to forums!

As your father-in-law's credit score is good and up to the standards of FHA, he can co-sign for a FHA loan with you. There won't be any problem with that. After you improve your credit scores, you can refinance your mortgage in order to remove your father-in-law from your mortgage.

Feel free to ask if you’ve further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 10/17/2011 - 22:22

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

you can certainly apply, ben; but telling you whether or not you'll obtain a loan is impossible for anyone here to say without knowing a great deal more information. by all means, though, you should investigate with your lender.

Like | Dislike | Share | Posted: Fri, 01/22/2010 - 16:23

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i would find it unusual for someone to request your birth certificate to prove a bloodline, but lenders have changed all the rules in the last few years - why not create another barrier to sensibility.

Like | Dislike | Share | Posted: Thu, 03/11/2010 - 20:24

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have excellent credit but my debt to income ratio is limiting my eligibility for an FHA -or any--loan. My brother with whom I want to purchase a home has poorer credit but all three scores over 620--lowest is 627 but has some bad debt and an unresolved judgment which he cannot pay off at this time but reliable income. What are our options?

Like | Dislike | Share | Posted: Fri, 07/22/2011 - 10:11

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my credit is score is 603 and i make a about 36000 a year my wife is in college and will graduate soon. my dad has no debt and great credit and makes about 70000 ayear if he co signs .what are my chances of a 100k loan

Like | Dislike | Share | Posted: Fri, 01/15/2010 - 20:55

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Also, is it possible for me to acquire a loan without established income with a co-signer? I'll have a substantial down payment, will that be enough to overlook the lack of income?

Like | Dislike | Share | Posted: Tue, 02/02/2010 - 22:33

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

aaron, your status won't deter any lender from doing the loan, as long as all the other aspects of it meet the requirements.

Like | Dislike | Share | Posted: Tue, 03/02/2010 - 08:05

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My dtr. and son in law have a credit score around 225, only debt is school debt, have a P&S on a house but have waited forever for the mortgage company (FHA loan). I think the mortgage company, not a bank "preapproved" the amount they could borrow, and they haven't gone over that amount. I thought "preapproval" meant a bank - Can anyone explain the mortgage co. process? The buyers don't have a big income, but the mortgage co. knew that, and they have an unblemished rent record, etc. How long can this take? Been almost two months.

Like | Dislike | Share | Posted: Mon, 11/02/2009 - 05:36 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kindaunique,

If someone from your family, friends or relatives consigns for you, then I don't think you will have to prove anything. Nevertheless, you can contact the lender and he may let you know what kind of proof they may require in this case.

Thanks

Like | Dislike | Share | Posted: Sun, 06/23/2013 - 21:39

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Are you serious? So how do mothers getting child support report that income when getting a home?

Like | Dislike | Share | Posted: Sat, 10/24/2009 - 11:19

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jenna,

If your mother-in-law has a good credit score, then it will help you in getting a loan if she co-signs for it.

Take care.

Like | Dislike | Share | Posted: Mon, 03/07/2011 - 01:49

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Are you serious? So how do mothers getting child support report that income when getting a home?

Like | Dislike | Share | Posted: Sat, 10/24/2009 - 11:19

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

well i hope it works for you smash...not divulging his score certainly isn't helpful to those who are trying to help you, but whatever your reasoning is clearly is within your rights. it ought to make no difference, i'd think, but you call the shots as the person making the query.

running credit on multiple occasions within a 2 week timeframe, if for mortgage purposes, is treated by the agencies as one inquiry overall. hopefully you've not exceeded that 2 week period as yet.

Like | Dislike | Share | Posted: Tue, 02/16/2010 - 20:19

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Are you serious? So how do mothers getting child support report that income when getting a home?

Like | Dislike | Share | Posted: Sat, 10/24/2009 - 11:19

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

that's your prerogative of course, but it doesn't help those who are trying to be helpful to you, frankly. multiple inquiries that are mortgage-related in 2 week period are treated as one inquiry by the agencies, so if you're within that time window, the extra inquiry won't make a difference.

Like | Dislike | Share | Posted: Tue, 02/16/2010 - 20:22

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi anonymous!

Welcome to forums!

You will have to show some kind of income in order to be the primary borrower for a mortgage.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 02/07/2011 - 23:53

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

sld, why would you feel the need for a non-occupant coborrower while refinancing? did someone advise you that would be a way to get cash out?

for cash out loans, you are limited to 85% of the value of your home for your mortgage amount. so, if your home is worth, say, $150K, your maximum loan would be $127500, and so on.

Like | Dislike | Share | Posted: Tue, 01/26/2010 - 07:24

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was told by a lender that FHA will not do a loan with my score being under 620.
I have not had it pulled by the lender but I checked it myself and found the scores to be transu-630, eqifax-588 and exp.-565 but then on the same day I checked another site and they gave me scores lower then these.
I found some late payments from my bank that are not right like 3 of them one being a car that I paid off last sept. and it show i owe 334.00 on it still, never been late with them but wont be able to get the stuff cleared off untill the end of the month.also is it normal for there to be a huge dif. in the scores such as transu. one report showed 599 and the other on the same day showed 630.
Should I wait till after the 1st of the month to start looking for a loan though FHA. I make over 55000 a year and am needing to barrow 135000.00
also if I start applying for a loan at more then 2 or 3 places will it hurt my scroes right away or will it take a month before its reported were my credit was checked.
I have a brother that is a Doctor who is willing to co-sign but from what Iv read it wont mater with FHA if my score is below 620 am I understanding that right .
thanks and sorry for the long post.
taz

Like | Dislike | Share | Posted: Sat, 02/06/2010 - 00:46

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

To New home buyer,

I would suggest you to have a word with the other lenders of your area and check out what they have to say in this regard. You may even seek a no obligation free mortgage consultation from the lenders of this community. This will help you know whether or not you would get a loan.

To Visitor J,

As far as I know, FHA will not allow an occupant co-borrower with no income to cosign for a loan.

Like | Dislike | Share | Posted: Fri, 03/19/2010 - 03:40

sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

May be I understood wrongly

You are saying you get child support from your ex, then it will be counted towards your income

Like | Dislike | Share | Posted: Sat, 10/24/2009 - 11:26

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have 2 recent negative reports to the credit bureau for delinquent mortgage payments for my Nov and Dec 2011 payments. I made payment arrangments with the mortgage company but decided to catch the loan up and did not go through with the arrangments made. The loan was completely current as of January 2012. I recently married and am in the process of buying another home with my husband. The two negative reports to the credit bureau caused my scores to drop and we now do not qualify for the loan. Can my mother co-sign on the loan for us? I was told that I could not be on the loan at all because of the 2 recent negative reports to the credit bureau. Our lender said that my husband would have to be the only one on the loan and he would have to get a relative to co-sign. Is it correct the I can no longer be on the loan at all making it impossible for my mother to co-sign?

Like | Dislike | Share | Posted: Thu, 02/09/2012 - 14:33 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome kathleen,

In order to cosign for the loan, the person's name should be mentioned on the porperty deed. If the eldely person becomes the owner of the property, then this will be included in his/her estate.

Like | Dislike | Share | Posted: Thu, 01/17/2013 - 20:55 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My son wishes to buy his first property. He has a FICO score over 800, but no two year income history as he has just started his own business and was unemployed prior to that. I have a FICO score of about 800 and income. I also have 6 rental properties and 5 have mortgages, besides my own home.

Can I cosign for him to get a mortgage? Would this be as a cosigner or a coborrower? Would having over 4 mortgages be a problem?

If

Like | Dislike | Share | Posted: Sat, 04/02/2011 - 11:17

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You should pursue your lender constantly so that he will take steps in this regard asap. You may even ask the lender as to what documents you may provide so that they can clear the deal asap.

Like | Dislike | Share | Posted: Thu, 07/28/2011 - 22:56

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jessica:

I'm an Independent Consultant with a Business and pay myself a salary. I take deductions thru my business and Pay Business Taxes and Individual Taxes. The company that I've been working with says my DTI is too high on my individual income. But as an Independent Cons., I make well over 100K. they do not count my gross from my business.

Like | Dislike | Share | Posted: Thu, 02/24/2011 - 14:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

(See previous posting) If under the previous scenerio, a FHA loan won't work, could I cosign for him on a conventional loan?

Like | Dislike | Share | Posted: Sat, 04/02/2011 - 11:18

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Jessica,

I am trying to buy a house in San Antonio, TX, but becaue I don't live there, I cannot obtain an FHA loan, and I cannot pay the 20% down for a conventional second-residence loan. My mom can apply and I can cosign for her, but the problem is that she has an unsettled debt of about $4500, which she cannot pay. We are told by her credit union that unless she/we can settle that loan, we cannot do the non-occupying FHA loan. My credit rating is great. PLEASE HELP. Thanks.

Like | Dislike | Share | Posted: Wed, 07/14/2010 - 13:47 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can you have a cosigner with good credit but has no job because they are going to school?

Like | Dislike | Share | Posted: Sat, 11/26/2011 - 12:17 | Post subject:

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