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I would like to know if my father can co-sign on a mortgage

My wife and I are moving to Texas for her new job. We have recieved a loan based on my current income and her future income. It does look like I will able to transfer with my company like we had hoped. We would like to know if my father can co-sign for the loan to make sure the purchase of our new home goes through?

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If the loan is approved all ready your father cosigning shouldn't be an issue assuming his credit and income etc fit the profile for the loan you are trying to get. Can you give a little more informatin about your scenario. ie credit scores income assets debts etc.....anf the type of loan program you are looking at. Welcome to TX

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wsm19682002's picture
wsm19682002 | Joined: June 9, 2007 03:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

This is a FNMA 30 year fixed rate. The big issue is that I will be quitting my job, to make the move, about a week before the closing date om the Texas home. The concern is will this stop the deal at the last minute or should I get my father to guarantee the loan.

Wife is just graduating from Vet school and she has school debt. I have some school debt also, but nothing like hers. Our credit scores were 695 for me me and 675 for her. Dad's credit is perfect and income is well above the home loan.

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

Quitting job before closing can have an affect. As your father's credit history is better than yours as well the income he earns, you should have him on the loan.

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wsm19682002's picture
wsm19682002 | Joined: June 9, 2007 03:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

can there be a time limit on how long he will be on the loan or will we just have to refinanace once I have established work history in Texas?

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miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:3089a125ff]can there be a time limit on how long he will be on the loan or will we just have to refinanace once I have established work history in Texas?[/quote:3089a125ff]
Hi Wsm,

Once he is on the loan only way to take his name off the loan would be to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan in your name. There no as such time limit after which a person would get removed from the loan automatically.

Miller

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ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

There may be other options available in your post you also mentioned that you may be able to transfer jobs. My first question would be this....Can you move up closing so that you are still employed at the time of closing......There isn't a requirement that you actually be in TX to close a loan it can be done via travelling notary. Second How recent are your wifes scores and are you putting any money down? A no ratio loan may be an option if you have reserves.

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

I am trying to mov eup the closing date. We are putting down 10% of price. Wife's scores are recent.

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ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Well it would seem to be farily straight forward......before putting your father on the loan check with the current lender to see if they can run the loan with out your income on it and still get an approval....chnces are if the dti is under 65% with the 10% down you may be ok......if they are unwilling to do that apply with another broker or lender and have it run that way. Chances are your loan as it sits is dead anyway one of the last things they do is reverify employment and if you're given notice then that has to be disclosed......

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

Hi Wsm,

If your father has the financial support and credit status which your lender would look for in a cosigner, then he can obviously cosign for the loan. But you can always have a talk with your lender or mortgage company and also ask your father if he is comfortable with being a cosigner.

Thanks

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes, that would be a good approach Ckalvesmaki. You can first have a talk with the lender as to whether he'll accept the deal even though you're quitting the job. And, if your father's credit is good enough then the lender may even allow him to cosign on the loan document. However, if they are willing to do so, you can always approach another person in the industry.

God bless you.

Samantha

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