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can parents co sign for children to help get a loan?

by vincentfrancisco982 from Bourbonnais, Illinois. Mar 7th 2014 Reply


John Paunan (jpaunan)
#23 ranked lender in Illinois - 22 contributions

Yes, with either Freddie Mac or FHA loan, a non-occupant co-borrower is allowed.

Mar 7th 2014
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John Moran (SimplifyMortgage)
#7 ranked lender in Arizona - 663 contributions

Absolutely! However, it is important to note that this really only helps if income is an issue. Good credit does not overcome bad credit, meaning that the lowest middle credit score of all borrowers will be the representative score on the loan. I hope that clears things up, best of luck!

Mar 7th 2014
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

Yes, with conditions.

Mar 7th 2014
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Yes they can!

Mar 8th 2014
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Yes. There are a few different loan options for co-signors. Co-signor means the person on the loan will not live in the home. But the co-signor is 100% responsible for the loan, just like the person who will be living in the home. www.Minneapolis-Mortgage.net

Mar 8th 2014
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Jericho Cherry (Jerichocherry)
#54 ranked lender in Virginia - 1,107 contributions

Your parents can be a co-signer on the loan.

Mar 8th 2014
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Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

Yes they can.

Mar 8th 2014
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions

Yes for income qualifying purposes. Unlike co-signing on an auto loan or a personal loan, the co-signer's credit can not over ride a borrower's unsatisfactory credit.

Mar 8th 2014
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

Absolutely! This is very common for FHA loans. many banks have restrictions on this for conventional loans requiring the occupant (you) to have a certain level of income no matter how high the income level of the parents are. However, I offer a conventional loam without this restriction where parents that will not be living in the house can co-sign. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Mar 14th 2014
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Nathan Kessler (nathan.kessler@guaranteedrate.com)
#44 ranked lender in Nevada - 81 contributions

Absolutely. As long as their debt doesn't hinder the transaction, and they are otherwise qualified. Nathan Kessler 702-522-6745 City First Mortgage Services

Jul 21st 2014
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