Posted on: 16th Aug, 2009 10:47 pm
Can i use a co signer for a fha loan?
Hi Ronald, Yes on a FHA loan you can use a co signer. As long as both of you meet the FHA requirements.
cosigners on fha loans are used primarily to help with debt ratios. if your credit is not up to standard, a cosigner will not be helpful.
George is correct. A co-signer is to be used only to help qualify if your income is insufficient. Each borrower will have to have the credit profile to qualify. For example, if you have a 500 credit score and the co-signer has a 700 credit score, you will still be denied. There are also additional restrictions when it comes to a Co-Signer that apply. These additional restrictions can effect your Maximum Loan to Value..
Restrictions will definitely apply if the co-signer is not living in the home, and is NOT a family member.
Restrictions will definitely apply if the co-signer is not living in the home, and is NOT a family member.