Is it possible to have a co-signer on a home mortgage?
Written By: admin on November 26, 2009
15 Comments
I was hoping to have my father co-sign a home loan (maybe) and was wondering if this is even possible.
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Tags: Home Loan
Yes.
Sure it is.
Yes…it’s possible. But finding someone really willing to do it is another thing…not too many people are hip on agreeing to take over the payment of a mortgage gone defaulted.
yes it is
Of course. That means that if you default your father has to pay. Not a excellent thing for him. Unless you are sure of yourself don’t do this to him okay.
Yes sure you can but are you sure you want him in hte middle of your business like that…….you can but just be sure that it isn’t going to cause problems down the road for you or him….excellent luck….!!!
Yes, both parties are listed as co-owners. Be very careful about asking someone to do this for you or you doing it for someone else because it will hurt both parties’ credit and finances if the house owner (one who lives in the house) defaults. It is much better to find a house you can afford on your own, or save up, possibly even lease to own so you can get an owner-finance arrangement. Check with your local bank for more advice. Excellent luck.
Yep. And its very commen also. In many areas of the country it can be hard for a young couple to buy a new home. Alot of parents will end up being co-signers in the buyers lack credit history or may just need a small extra income backing.
It is possible, but he becomes liable for the term of the loan. You might consider him "gifting" you money to place down or pay for some costs.
Yes it certainly is. I’m a loan officer for a fantastic company who has done this kind of thing before. E-mail me and I’ll help you out.
Yes, he can. But it’s not as simple as many of the other posters have implied. He will have to qualify with you, using his credit history, income, debt ratios, etc. Talk to a few mortgage lenders. I say "a few" because you may run across some that don’t know about non-occupying co-borrower loan programs. I suggest you start with Julie at
http://www.primelendingonline.com
Excellent luck!
Rick
http://www.fairwaymortgagelending.com
It’s possible but seldom wise. The co-signer has equal liability for the loan. If the principle defaults the co-signer has to make the payments. Some lenders may make the co-signer place up collateral equal to the loan. This effectively freezes the assets of the co-signer and may deprive him from borrowing against his own equity.
A mortgage co-signer is a co-borrower with all of the same financial responsibilities.
Even if your father was a co-borrower you’d have to qualify for the financing on your own merit, although the qualifying ratios would be extended a bit. The exception to that is with FHA financing as they do not use the "non-occupant co-borrower" formula.
I’d be pleased to answer any other questions you may have. Feel free to email me.
Absolutely If his credit is excellent enough.
yes, especially if his credit is better or more secure income. Usually the co-signor can come off in one year if you make the mortgage payments
http://albertamortgageguy.com