Can you use a cosigner to qualify for an FHA loan?

My husband's credit score will qualify us for a mortgage, but he has no income. My credit score doesn't qualify us, but I have the income. What is the best way to apply for a mortgage?

i have a co-borroer with no credit score, but excellent income and employment. Can he be used as a co-borrower FHA

to jscity: your coborrower isn't a co-signer, i gather. let's hope not. as a borrower, however, most lenders will allow your coborrower to qualify by providing alternative sources of credit, such as landlord, utilities, phone, insurance and the like - thereby building a credit history where one does not currently exist.

mommy, you have the worst of all worlds - acceptable credit without income and acceptable income without acceptable credit. in each case, you're behind the 8 ball, i'm afraid.

Hello,

My fiance is trying to qualify for a home loan and he has good credit, his issue is that he may not have quite enough credit (just has car payments and few purchases using credit cards in the past). His income is not substantial, but enough to afford a townhome (we know from his older single coworkers making the same income).

I brought up possibly becoming a cosigner myself, but I will be a graduate student with little credit. However, my student income is almost what his current income is (thus we would double our purchasing power). I do have student loans but they are deferred until 6 months after graduation, which is in about 5 years. But the monthly payments will be somewhere around $200. Other than that I have no debts because I have no car payment. With little credit, but also the added income, do you think I could help us qualify for a home loan?

Thank you for your advice!

smash, just how minimal is his credit? as long as he has a valid credit score, and a couple of tradelines on his report, i'd think that most lenders would be okay with it, and perhaps ask for a landlord reference and utilities (perhaps) to supplement. it seems he'd qualify, based on a quick overview of what you said.

qmakerley,
He is 24, has owned vehicles since about 18, and the only purchase using a credit card, aside from a few tools on a sears or lowes card, was a four wheeler maybe 4 years ago. He doesn't have late payments so his score must be mid 700's, but a mortgage company denied him and recommended he got a regular visa or mastercard to get more credit. That is why I wondered if he had more income (ie. me included) would he be able to qualify even with "not enough credit"

i'm surprised that he couldn't get an approval, unless the score is a lot lower than you think. what you describe ought to be sufficient credit. was he trying to obtain a conventional loan or fha...do you know? fha is a more forgiving program, and he's more likely to get approved with that.

the loan officer at "the mortgage company" doesn't appear to be particularly astute to me.

I thought so myself, I do actually know his score but prefer not to specifically disclose it. I suppose we will try a new company, perhaps a bank we currently have accounts with. I just didn't want to keep running his credit if it was for naught.
Thank you very much for your input!!

well i hope it works for you smash...not divulging his score certainly isn't helpful to those who are trying to help you, but whatever your reasoning is clearly is within your rights. it ought to make no difference, i'd think, but you call the shots as the person making the query.

running credit on multiple occasions within a 2 week timeframe, if for mortgage purposes, is treated by the agencies as one inquiry overall. hopefully you've not exceeded that 2 week period as yet.

that's your prerogative of course, but it doesn't help those who are trying to be helpful to you, frankly. multiple inquiries that are mortgage-related in 2 week period are treated as one inquiry by the agencies, so if you're within that time window, the extra inquiry won't make a difference.

Oh I wasn't intending to be rude, I just don't know how he would feel that's all. The two-week time frame is a very good and important piece of information to know. I had no idea, thank you for bringing it to my attention!

Hello- I've been stock trading on my own for a couple years now, and do not show much income at all on tax return. I have excellent credit, and significant assets...can having a parent cosign qualify me for an FHA loan? A healthy down payment will not be an issue.

thanks

devlin, that's probably your best bet - to have a parent cosign for you. yes, they'll look at your income blended with the cosigners, and that will undoubtedly reduce debt ratios (and hopefully to an acceptable level).

down payment isn't necessarily relevant, but it might get a smile from your lender anyway.

If you have no credit score and great income or a low credit score and a great income, you can improve your credit score with revolving credit. Just DONT go crazy with it. A GEMB chevron card reports over night and to all three bureaus. get the card use it once a MONTH. pay the bill as soon as you get it and that will help generate or improve your score. keep all revolving accounts below 50% of your credit limit this too will improve your score.

When doing an FHA purchase and using a non occupant co borrower how much of their income can you use or do you do it just like a regular co borrower???? I have looked through HUD handbook 4155.1 and cannot find anything on the nocb income..