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

Hi fkdeyoe,

You will be able to use a cosigner in order to qualify for an FHA loan.

Thanks

For income rather than credit issues.

Yes! 100%!It's considered a non-occupying co-borrower. There are guidelines to who the non-occupying co-borrower can be (Family Member,Fiance,etc).

FHA loans are flexible home loan according to the National Association of Realtors. FHA is also very simple process for getting home loan. The requirements for FHA loans are very lenient. FHA Loans allows buyer to add a co-signer for approval purposes.

We can use cosigner for getting approval.

FHA allows co-signers or co-borrowers, however, many lenders require co-borrowers (on title and on the mortgage) and do not lend with co-signers (not on title, only on the mortgage).

You get to use the income of the co-borrower, but, also must count the monthly debts of the co-borrower in the qualification process.

Your credit must be good enough to get and FHA mortgage and the co-borrower's credit must be good enough.