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
Hello,
My husband and I live Texas and currenlty seperated, however on good terms. He has a home that he purchased before we were married. He is willing to be a cosigner on a FHA mortgage for me. I have good credit but my income is not there. Is this even possible? Thank you for your time!
My husband and I live Texas and currenlty seperated, however on good terms. He has a home that he purchased before we were married. He is willing to be a cosigner on a FHA mortgage for me. I have good credit but my income is not there. Is this even possible? Thank you for your time!
Hi Tasha,
If you do not have any kind of income, then it will be difficult for you to get any loan. Nevertheless, as your husband is ready to co-sign, you can speak to the lenders and check out what they have to say in this regard.
If you do not have any kind of income, then it will be difficult for you to get any loan. Nevertheless, as your husband is ready to co-sign, you can speak to the lenders and check out what they have to say in this regard.
If I have 2 kids and they each want to buy a home at the same time, can I co-sign an FHA loan for each one of them, or can I only co-sign one FHA loan at a time?
Hi anonymous,
Well, as far as I know, it will be difficult for you to co-sign for two FHA loans.
Thanks
Well, as far as I know, it will be difficult for you to co-sign for two FHA loans.
Thanks
I went through a divorce and my ex husband is on my mortgage loan. I want to refi. to a FHA loan with my son as co-signer. I want to make sure this will not affect him purchasing his own home in the future.
Mom - it will effect him. He will need to show that he can carry both mortgages in the event he applies for a mortgage within a year of being on the loan with you. After a year, he will need to prove to the underwriter that only you made the payments for the past year, to get that mortgage payment subtracted from his debt to income calculation.
My husband and I have 20,000 for down payment. We looking for a house between 250k-270k. I have good credit, husband has excellent credit score. But income of both of us only 36k or less a year in the last 2 years because I worked part-time back then due to pregnancy and just graduated. Could I get approve for fha loan? Should I add my father-in-law in to proof more income and chances getting approve easily? He has good or excellent credit score too. I live in California by the way
Hi Tiffany!
Welcome to the forums!
You can contact the FHA lenders and apply for a loan. If you cannot qualify normally, then you can take help of your father in law to get the loan. Your father-in-law can co-sign for your loan.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
You can contact the FHA lenders and apply for a loan. If you cannot qualify normally, then you can take help of your father in law to get the loan. Your father-in-law can co-sign for your loan.
Feel free to ask if you've further queries.
Sussane
I like to know if I can get a lone with all of our money together
and we want no upstairs home and place for the dogs too in van buren county
and we want no upstairs home and place for the dogs too in van buren county