Posted on: 28th Aug, 2008 10:58am
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
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
As you're going through bankruptcy, I don't think the lender will let you co-sign for the mortgage. Thus, though you have a good income, it won't be considered when your wife applies for a loan.
i am being told my brother can not cosign due to having his own fha loan. i only need him to offset my DIR. they also will not accept my rental income due to my rental property being upside down. is this some new rule or what?
I have a quick question.
I am a first time homebuyer. I sent in my paperwork to see what I can get approved for with FHA.
My stats: 768 credit.
15000 2008, 14000 2007 w2's. 2009 was low, from travelling.
Currently gross only 1100 a month.
No school loans, no car loans. Credit card minimums are for 2 of them at 15 bucks each.
Looking to get qualified for 75k. Is this possible?
Whats the max dti?
I am a first time homebuyer. I sent in my paperwork to see what I can get approved for with FHA.
My stats: 768 credit.
15000 2008, 14000 2007 w2's. 2009 was low, from travelling.
Currently gross only 1100 a month.
No school loans, no car loans. Credit card minimums are for 2 of them at 15 bucks each.
Looking to get qualified for 75k. Is this possible?
Whats the max dti?
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
Hi msw,
You can apply for a FHA loan if you have a credit score of not less than 580, stable financial situation and the required debt to income ratio. If you satisfy this requirements of the lender, you will get a mortgage easily. You should contact the local lenders of your area and apply for a FHA mortgage.
Thanks
You can apply for a FHA loan if you have a credit score of not less than 580, stable financial situation and the required debt to income ratio. If you satisfy this requirements of the lender, you will get a mortgage easily. You should contact the local lenders of your area and apply for a FHA mortgage.
Thanks
Credit score is excellent. However, my tax return does not show enough income to qualify. This is because I have an excellent accountant and a very sophisticated tax plan. My landlords of 9 years say they are willing to co-sign in order to help me buy the house I have been renting from them. They are not interested in carrying the note themselves. Do FHA rules allow them to be co-signers in a transaction in which they would also be the sellers?
I don't think FHA would allow a transaction where the seller is also a cosigner to the mortgage. Nevertheless, you should contact a local FHA lender and take his opinion in this matter.
My husband good credit only been on his job two years.I a great income and been on my job 13 years but i have bad credit.can we quafily for loan.what do we need to do
Can a person co-sign on a FHA loan for their daughter who lives in another state .
Carol
Carol
Hi Guest,
With a bad credit, you won't be able to qualify for a mortgage. However, as your husband has a good job, he'll be able to qualify for a mortgage. He should contact the local lenders and start applying for a mortgage.
To Clorene,
It will be the lender's discretion whether or not he will allow a person living in another state to cosign for a mortgage.
Thanks,
Jerry
With a bad credit, you won't be able to qualify for a mortgage. However, as your husband has a good job, he'll be able to qualify for a mortgage. He should contact the local lenders and start applying for a mortgage.
To Clorene,
It will be the lender's discretion whether or not he will allow a person living in another state to cosign for a mortgage.
Thanks,
Jerry
QUICK QUESTION:
My husband and I are both self employeed. However, we have credit scores of around 700, a 15 year mortgage history where we have made a $1600 a month payment flawlessly, and will have about 80,000 to put down on a $180,000 purchase, leaving us with only a 45% LTV. We have both a father and father in law with excellent credit and incomes more than willing to co-sign for the FHA loan for us, but I was told yesterday that we as the borrower have to have 70% DTI on our own for that to be possible. Due to the way we file our taxes we will not be able to show that DTI. Currently it looks like we are at 100% DTI with only our revolving and installment loans. We can pay off two of those items, which will take us to 50% DTI, but that is prior to the house payment. SO, my questions are:
1) is there a rule about the primary borrowers total DTI and
2) is that DTI calculated before or after the house payment is calculated in
Thank you!!
My husband and I are both self employeed. However, we have credit scores of around 700, a 15 year mortgage history where we have made a $1600 a month payment flawlessly, and will have about 80,000 to put down on a $180,000 purchase, leaving us with only a 45% LTV. We have both a father and father in law with excellent credit and incomes more than willing to co-sign for the FHA loan for us, but I was told yesterday that we as the borrower have to have 70% DTI on our own for that to be possible. Due to the way we file our taxes we will not be able to show that DTI. Currently it looks like we are at 100% DTI with only our revolving and installment loans. We can pay off two of those items, which will take us to 50% DTI, but that is prior to the house payment. SO, my questions are:
1) is there a rule about the primary borrowers total DTI and
2) is that DTI calculated before or after the house payment is calculated in
Thank you!!
i am 80 yrs old and have 967.00 dollars a month ss. could i quality for large loan as co-signer for my son. i have good credit score
Hi laineeden,
The primary borrowers' debt to income ratio will be definitely taken into consideration when the lender issues a mortgage. The DTI ratio will be calculated depending upon the present debts that you have in your name.
To robroy,
It will be the lender's discretion whether or not he will be ready to let you co-sign for the mortgage.
Thanks
The primary borrowers' debt to income ratio will be definitely taken into consideration when the lender issues a mortgage. The DTI ratio will be calculated depending upon the present debts that you have in your name.
To robroy,
It will be the lender's discretion whether or not he will be ready to let you co-sign for the mortgage.
Thanks
Retired,two homes,one(second home) w/current mtg.of 80,000,other home free of mtg.Want to take advantage of low rates(now paying 6.5%,NJ) Our credit rating is 7.48-7.6,our taxes for last 2 yrs. show we have little if any income due to rental property deductions,and have been turned down because of low-no income.. Can our son,who does not live w/us at our current living address,cosign on a mortgage at our primary residence(which has none). Mortgage Co. says for Pa. that he has to live at our residence to cosign for mortgage...Thoughts please..This is quiite disserning to us as we have never been turned down for anything. Thank You for your help.
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