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
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?
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.
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.
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?
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
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
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
Hi yamaha,
Yes, you can use a co-signer who will help you in qualifying for the mortgage.
Thanks,
Jerry
Yes, you can use a co-signer who will help you in qualifying for the mortgage.
Thanks,
Jerry
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?
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?
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.
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
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.
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Hi. Just filed for bankruptcy 2 years ago and it has been discharged. I wanna get an FHA loan and i just checked my Ficco score and it's 760. Can my sister co sign for me to get an FHA loan? Thanks. Her credit score is 794
If the co-signer is a very elderly relative, does the property then become part of their estate or have to beconsidered as collateral for any potential future nursing home payments?
Hi krs!
Welcome to forums!
It is not mandatory that the property which has been co-signed by an elderly relative will be considered as collateral for any potential future nursing home payments.
Feel free to ask if yrther queries
Sussane
Welcome to forums!
It is not mandatory that the property which has been co-signed by an elderly relative will be considered as collateral for any potential future nursing home payments.
Feel free to ask if yrther queries
Sussane