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 a professional student who also holds a part-time job and has a good credit score, I would like to purchase a home using an FHA loan. However, my gross income is not enough for me to qualify on my own. Therefore my co-signer would be the parents of my boyfriend. We have been dating for over 6 years and I have a strong relationship with them. What are the chances of qualifying for this type of loan with a co-signer that is not a blood relative?
Hi Guest!
Welcome to forums!
It will depend upon the lender as to whether or not he will let your boyfriend's parents to cosign for you. In my opinion, you should have a word with the local FHA lenders in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will depend upon the lender as to whether or not he will let your boyfriend's parents to cosign for you. In my opinion, you should have a word with the local FHA lenders in this regard.
Feel free to ask if you've further queries.
Sussane
My boyfriend makes about less than $1,000.00 a month. He is in child support debt around $10,000.00. He's got a judgement from court ordered him to pay $66.00 monthly with past interest included. He has no credit score. Do you think that he can qualify for FHA loan under $40,000? What about with the help of my parents who owns a bussiness, house, with a perfect credit scores as a co signers? Please let me know if he got any chance at all? Thanks
my score s 600 due to a death in the immediate family circle. no judgements i believe . a longstanding friend with 800+ score is willing to cosign for a fha or other loan . is it possible for me to apply and where.
I did applied for a FHA However, my gross income is not enough for me to qualify on my own I have exellent credit score. Can my father in law cosign for me even though he is a retired person
Hi Guest,
With no credit scores and so much of debts, your boyfriend will not be able to get a FHA loan in his name. However, if he has a cosigner with good credit score and income, then he may qualify for the loan.
To Malcolm,
With a 600 credit score, you can qualify for a FHA loan on your own as some lenders offer FHA loans for a credit score of 580 provided there are no other negative items listed on your credit report.
To Clari,
Your father-in-law can cosign for your mortgage if he has a good credit score and income.
Take care
With no credit scores and so much of debts, your boyfriend will not be able to get a FHA loan in his name. However, if he has a cosigner with good credit score and income, then he may qualify for the loan.
To Malcolm,
With a 600 credit score, you can qualify for a FHA loan on your own as some lenders offer FHA loans for a credit score of 580 provided there are no other negative items listed on your credit report.
To Clari,
Your father-in-law can cosign for your mortgage if he has a good credit score and income.
Take care
I have medical collections on my credit report that have been paid off for over a year. My credit scores are in the low 600's and other than my previous medical debt, I have a flawless payment history. I'm planning to have my father (who has excellent credit) cosign for me. Since I have previous collections, do you think I will be denied?
Hi BMW!
Welcome to forums!
You have paid off the debt that went into collections. The lenders will consider this as a positive thing when you apply for a loan. Thus, I don't think you'll face any problems in getting a loan as your father is cosigning for you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You have paid off the debt that went into collections. The lenders will consider this as a positive thing when you apply for a loan. Thus, I don't think you'll face any problems in getting a loan as your father is cosigning for you.
Feel free to ask if you've further queries.
Sussane
If I have NO credit can I use my father as a cosigner for credit?
Hi DSPEER,
Your father can cosign for you but you should have some credit record in order to get a mortgage. If you've no credit record, you won't be able to get a loan.
Your father can cosign for you but you should have some credit record in order to get a mortgage. If you've no credit record, you won't be able to get a loan.
I am looking at houses right now. i have proof of steady income but i don't have a credit report. If my mom was to co-sign for me do you think i would be able to qualify?
THanks for your help and time!
THanks for your help and time!
Hi Andrew!
Welcome to forums!
If you don't have some kind of credit score, the lenders won't be ready to give you a mortgage. You will have to build up your credit score in order to qualify for loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you don't have some kind of credit score, the lenders won't be ready to give you a mortgage. You will have to build up your credit score in order to qualify for loan.
Feel free to ask if you've further queries.
Sussane
I am looking to buy a home but I am currently cannot show any income.If I have a qualified co signer will I be approved for the a loan.
Thanks
Thanks
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
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