Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Compare Refinance Mortgage Quotes

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

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($)

Can someone give me some help as to what I can do to qualify for a FHA mortgage?
My mid score is 641. Gross income is 4300/month (includes 2 years of documented income). My car and my partner's car is financed in my name totalling 750/month. Student loans in deferment for another 2 years at least; they will total about 1300 month. Secured loan of 125/month and three CC/charge accounts that are paid off at the end of each month. Most recent late payment is 11/11; no unpaid collections.
My partner's mid score is between 550(ish) and 630(ish). Gross income 3700/month. Car payment 325/month. Student loans in deferment for at least 2 years, (250/month @ 30 years).One CC/charge account 25/month. Has collections accounts open and unpaid.
From what I have been told my student loans will not be included in debt to income because they are in deferment for at least 12 months, is this true? Also is there any way I can have his car payment, $500, taken off my debt to income ratio because he pays its every month?
We would both live in the house and will have enough to pay the mortgage and other bills just seem to be having a problem with getting approved b/c of my debt to income ratio.
Thanks!!

Like | Dislike | Share | Posted: Fri, 01/18/2013 - 07:14 | Post subject:

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

Well, if an account is in deferment for the next 12 months, then it may not be included in your debt to income ratio. Though the partner pays off the car payment on time, it will be included in the debt to income ratio as it is a kind of debt.

Like | Dislike | Share | Posted: Sun, 01/20/2013 - 00:34 | Post subject:

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

Hi Lisa,

Unless the co-signer's name is mentioned on the property deed, he/she won't be able to claim ownership of the property. However, in most cases, the lender insists that the co-signer should be added to the property deed.

Thanks

Like | Dislike | Share | Posted: Thu, 04/12/2012 - 21:49 | Post subject:

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

is a cosigner on a mortgage entitled to ownership of the property

Like | Dislike | Share | Posted: Thu, 04/12/2012 - 17:31 | Post subject:

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

Okay, I have been dealing with a short sale through boa for the last 6 months. I had a job for 3 and a half years and while waiting for a signed contract my employer closed the doors. Found a job immediately after and while waiting even more that employer closed doors as well. Luckily I was working two jobs but my second is only 25 hrs a week compared at both pulling 55+. If my parents cosign will this help me qualify?note that I only am working 25 hrs a week with only a month employment. With a credit score of 700.

Like | Dislike | Share | Posted: Mon, 04/23/2012 - 20:07 | Post subject:

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

Hi erik,

If your parents have a good credit score and income and meet all the other required criteria, then they can co-sign for the loan.

Thanks,

Jerry

Like | Dislike | Share | Posted: Thu, 04/26/2012 - 03:27 | Post subject:

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

Hi There.

About 4 years ago i helped my mother with her home loan, i co-signed for her and now i am looking into purchasing a home for myself and fiance. I am worried that because i co-signed that i wont be considered a first time buyer and i will have to have a higher down payment for the loan. how can i figure this out? if i am not a first time buyer how much is normally required down 20%?

thanks in advance.

Like | Dislike | Share | Posted: Mon, 04/30/2012 - 11:01 | Post subject:

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

Hi Cindy!

Welcome to forums!

If you have co-signed for the loan and if your name is mentioned on the property deed as one of the owners, you won't be considered as a first time home buyer. In case of conventional loans, you will require a down payment of 20%.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 05/01/2012 - 00:21 | Post subject:

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

I am 80 and am buying house in retirement community. Have very good credit and $225,000 in cash in bank but some bad investments so my income is only $3500 month. Have excellent credit and $500,000 in investments that is not liquid. My mortgage will be $130,000. Can I qualify for a FHA loan or will I need a co-signer.

Like | Dislike | Share | Posted: Sun, 05/27/2012 - 06:51 | Post subject:

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

Hi peppie,

If you have the required credit score and a stable job, you will be able to qualify for a FHA loan easily. However, you should check out that you don't have any charge offs mentioned in your credit report. If there is any such charge off mentioned in your credit report, you may have to pay it off.

Thanks

Like | Dislike | Share | Posted: Sun, 05/27/2012 - 23:09 | 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 have a credit score of 574 and 583, my question is can my mother with A 1 credit co-sign a mortgage loan for us. Thanks wondering.

Like | Dislike | Share | Posted: Wed, 05/30/2012 - 12:07 | Post subject:

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

Hi Guest!

Welcome to forums!

Your mother can co-sign for your loan if she has good credit. When you apply for a loan, you should let the lender know that your mother will be co-signing for you.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 05/31/2012 - 23:18 | Post subject:

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

i spoke with a mortgage broker about a small mortgage. he said that they look at 3 scores. The high, mid, and low score. He said for a mortgage they use the mid score. My scores were 645, 600, and 576. He said I have the income and the credit is improving, but I couldnt get qualified anywhere. Do you think this is true?

Like | Dislike | Share | Posted: Sat, 06/09/2012 - 10:05 | Post subject:

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

Hi Rdra,

With a middle credit score of 600, it will be difficult for you to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]. You should have a credit score of around 620 in order to get a FHA loan. So, you should take steps in order to improve your score faster and then apply for a loan.

Thanks

Like | Dislike | Share | Posted: Mon, 06/11/2012 - 00:05 | Post subject:

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

as i have a house property in the name of my father who is at the age of 65 years, now i wanted to renew my house for which i wanted to take a loan of rs. 10 lakhs from the bank, but bank says that the loan is not sanctioned in the name of my father due to his age factor. and also it is not given in my own name as the house is on the name of my father. but I wanted to take a loan of rs 10 lakhs in my own mane to get benefits of income tax under the act onrenewal of the house property thanks hemma

Like | Dislike | Share | Posted: Tue, 06/12/2012 - 04:04 | Post subject:

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

Welcome hemma,

I guess you're from India. I will suggest you to contact an India based real estate attorney and take his opinion in getting the property transferred in your name. Then you can think of taking out the mortgage.

Hi anonymous,

As you have no income, it might get quite difficult for you to qualify for a loan. It will be better if he takes out a loan only in his name.

Like | Dislike | Share | Posted: Wed, 06/13/2012 - 01:28 | Post subject:

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

my fiance are looking into buying our first home... we both have good credit which is about 679 and 659 but we just dont have alot of credit. i have more than he does but he is the only one working right now because i am a full time student. so is it possible that i apply and let him be the co-signer since he is the one binging in the income? or would we need to let him do it and someone else co sign?

Like | Dislike | Share | Posted: Tue, 06/12/2012 - 17:53 | Post subject:

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

It states that if your co-signer is not a blood relative than "you will have to prove that you have a long-standing, substantial relationship with him." My mother's partner has offered to co-sign. He is like a dad to me. What would qualify as proof?

Like | Dislike | Share | Posted: Sat, 06/16/2012 - 20:48 | Post subject:

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

Hi Guest,

It will be better if you could contact your lender in this regard. He will let you know what type of documents you need to provide in this regard.

Thanks

Like | Dislike | Share | Posted: Sun, 06/17/2012 - 22:28 | Post subject:

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

Hi yamaha,

Yes, you can use a co-signer who will help you in qualifying for the mortgage.

Thanks,

Jerry

Like | Dislike | Share | Posted: Mon, 06/25/2012 - 03:11 | Post subject:

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

i cant qualify for a fha loan on my own because of my credit could i use a co signer to help me get qualifyed

Like | Dislike | Share | Posted: Sun, 06/24/2012 - 12:20 | Post subject:

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

Hey,
Well I am trying to get approved for a FHA loan, but my credit is only about a 540- because it's not really established, but my sister (who has perfect credit) is willing to co sign for me. I'm only trying to get approved for about 50,000.00 Do you think it's possible?

Like | Dislike | Share | Posted: Tue, 06/26/2012 - 13:07 | Post subject:

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

H Kayla,

With a co-signer who has a good credit, it will be easier for you to qualify for a loan. You can then improve your scores and [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan in your name.

Like | Dislike | Share | Posted: Wed, 06/27/2012 - 00:14 | Post subject:

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

Want to help son purchase his first home, but he needs help on his credit, high rating but no established time. want to cosign with him to help him gain the rating he need to qualify. My wife and my scores are good and my sons score is good as well. but need to know if he can gain a foot hold on a purchase.

Like | Dislike | Share | Posted: Sat, 07/14/2012 - 06:30 | Post subject:

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

Howdy I want to apply for a FHA loan with my mother as a co-signer however my husbands credit is not so great and i just had a bankruptcy discharged. Would that be something at all possible , or would have to wait a few years to even try? My mom credit is in the uppser 700's but her income ratio is not so high she is retired, my income on the other had is pretty decent. Any feedback would be great, thanks

Like | Dislike | Share | Posted: Sat, 07/14/2012 - 07:00 | Post subject:

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

As long as you and your wife can support your debts along with your son's house, you can be a non occupant co - borrower.

[Promotional content deleted as per forum rules. Thanks.]

Like | Dislike | Share | Posted: Sat, 07/14/2012 - 08:43 | Post subject:

brian1's picture
brian1 | Joined: June 14, 2008 05:14 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Thu, 08/28/2008 - 18:32 | Post subject:

chrisburns's picture
chrisburns | Joined: November 13, 2007 07:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Thu, 09/04/2008 - 16:38 | Post subject:

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

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.

Like | Dislike | Share | Posted: Fri, 09/05/2008 - 10:00 | Post subject:

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

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

Like | Dislike | Share | Posted: Mon, 01/12/2009 - 08:36 | Post subject:

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

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

Like | Dislike | Share | Posted: Mon, 01/12/2009 - 08:45 | Post subject:

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

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.

Like | Dislike | Share | Posted: Tue, 01/13/2009 - 11:52 | Post subject:

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

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!!

Like | Dislike | Share | Posted: Thu, 01/15/2009 - 12:47 | Post subject:

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

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.

Like | Dislike | Share | Posted: Fri, 01/16/2009 - 01:12 | Post subject:

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

I want to help my son buy a house. He resently started a business and is not showing a income yet. Can I co sign on a fha loan for him so he can live in the house?

Like | Dislike | Share | Posted: Tue, 03/29/2011 - 05:34 | Post subject:

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

Hi Guest,

If you have the required credit score and income, you'll be able to co-sign on a FHA loan for your son. He will be able to stay in that property.

Like | Dislike | Share | Posted: Tue, 03/29/2011 - 22:56 | Post subject:

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

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

Like | Dislike | Share | Posted: Thu, 04/02/2009 - 16:58 | Post subject:

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 04/03/2009 - 05:33 | Post subject:

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

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

Like | Dislike | Share | Posted: Thu, 04/09/2009 - 21:16 | Post subject:

Garysnober's picture
Garysnober | Joined: March 17, 2009 12:22 pm | Posts: 0 | Location: New Jersey | 00 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.

Like | Dislike | Share | Posted: Thu, 04/09/2009 - 22:38 | Post subject:

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

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

Like | Dislike | Share | Posted: Fri, 04/10/2009 - 10:52 | Post subject:

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

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?

Like | Dislike | Share | Posted: Wed, 04/29/2009 - 12:03 | Post subject:

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

where are you located, cece? stated income loans exist in some locales; maybe you're in one of them.

for non-occupant coborrowers, the same minimum credit score of 620 applies. income would have to be sufficient so that debt ratios are still in order, but there's no specific number there.

Like | Dislike | Share | Posted: Wed, 04/29/2009 - 12:13 | Post subject:

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

What is the precess for removing a fha co signer from a note.

Like | Dislike | Share | Posted: Tue, 05/19/2009 - 14:11 | Post subject:

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

cece, if you are seeking an fha loan, your cosigner will need a credit score of at least 620, and your combined income will need to allow you to afford the home you are planning to purchase. that's a simple answer - hope it's enough.

Like | Dislike | Share | Posted: Tue, 05/19/2009 - 14:31 | Post subject:

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

Am I considered a first time home buyer if I co-signed for a friend as a non occupant co-signer? I'm interested in buying a home for the first time and was wondering if I still qualify for the first time home buyers tax credit of $8K.

Thank you.

Like | Dislike | Share | Posted: Tue, 06/16/2009 - 12:32 | Post subject:

sunshineva's picture
sunshineva | Joined: June 15, 2009 09:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello,
You stated you are just shy of qualifying. Would it be an option for your father to gift you a sum to lower the loan amount to your qualifying level?
Good luck.

Like | Dislike | Share | Posted: Tue, 06/16/2009 - 12:40 | Post subject:

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

you are best-served by contacting the irs directly for that answer, but those who will not qualify are those who actually own real estate as a primary residence. therefore, you ought to be all right inasmuch as you are not an owner but only co-signer.

Like | Dislike | Share | Posted: Tue, 06/16/2009 - 12:50 | Post subject:

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

i have no idea how my above answer popped up on this discussion. it has no relevance to it, and it was intended for a whole different question.

sorry if any of you have been confused by this...i sure am!

Like | Dislike | Share | Posted: Tue, 06/16/2009 - 12:54 | Post subject:

Page loaded in 0.155 seconds.