Posted on: 06th Jun, 2010 04:59 am
My son is trying to purchase a home with me co-signing as the non-occupying cosigner. He has little credit, only payed car insurance and a gym membership. Can he qualify for an FHA loan with only 2 credit sources with me co-signing. I have excellent credit with a score of 794. He is putting down $21,000 on a home costing 132,500. Thank you
Hi tamarajudds,
If you are cosigning for the mortgage and if you have a good credit score, then your son will be able to get a mortgage. In future, if your son wants to remove your name from the mortgage, then he will have to refinance the loan in his name. For that, he needs to improve his credit.
If you are cosigning for the mortgage and if you have a good credit score, then your son will be able to get a mortgage. In future, if your son wants to remove your name from the mortgage, then he will have to refinance the loan in his name. For that, he needs to improve his credit.
You would be considered the perfect candidate for a non-occupying co-borrower.
