Posted on: 31st May, 2011 09:41 pm
Hello,
I was just told that I need to find a cosigner, because I need to prove more income is available. I have good credit, enough assets, but lack two years of W2s.
I have a cosigner, who has a good job and enough assets. However, he does not have credit.
Is it possible to get an FHA loan? The loan is only for $35,000
I was just told that I need to find a cosigner, because I need to prove more income is available. I have good credit, enough assets, but lack two years of W2s.
I have a cosigner, who has a good job and enough assets. However, he does not have credit.
Is it possible to get an FHA loan? The loan is only for $35,000
Welcome ktnumber1girl,
If the co-signer can show 2 years of employment history, then he will be able to co-sign for the loan and you'll be able to get a mortgage.
If the co-signer can show 2 years of employment history, then he will be able to co-sign for the loan and you'll be able to get a mortgage.
Unfortunately, it appears that your real query remains unanswered. I think that your cosigner's lack of credit might be a stumbling block, frankly.
Lenders are so much more conservative than at any time in recent memory, and a cosigner who lacks credit references might well be looked at unfavorably in a situation such as yours.
You're going to need to have a detailed conversation with the lender in this case to see what they're looking for and whether or not you and your cosigner can provide that.
Lenders are so much more conservative than at any time in recent memory, and a cosigner who lacks credit references might well be looked at unfavorably in a situation such as yours.
You're going to need to have a detailed conversation with the lender in this case to see what they're looking for and whether or not you and your cosigner can provide that.
