Posted on: 25th Jun, 2010 10:42 pm
Can you-signer be on a fixed income and what type of credit would that co-signer need?
With FHA, you can have what's called a non-occupant co-borrower. (NOCB) They would have to have the minimum qualifications just like you and the mortgage will be based on the lowest, mid credit score. A fixed income is fine, but you will be adding their debts into the mix, so unless they can help your debt ratio, it serves no purpose to add a NOCB as they cannot make your credit score better, add to your work history or negate bad credit in general. The only thing a NOCB adds is income.