co-signer employment
Im currently trying to get pre-approved for a home loan. However, i work off of commission and mainly tips, so I do not make a lot on paper, only about 30,000 but have excellent credit.I have a family member that is willing to co-sign for me who has almost perfect credit but last year he took off a year of working. He has been working in the same field for over 6 years and is now back to working, in the same field,but has only been employed there for about 6 months. He has a lot in savings and has past tax returns. Would we be able to get approved for a loan or would his employment history be a problem since he doesnt have a steady 2 years. Im only looking for 200,000 or less. by amoureux from Annapolis, Maryland. Sep 13th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
That's going to be a tuff sell... if there was a really good motivational letter explaining why he took a year off, then it's possible an underwriter would sign off on it, but any time there is a 90 day or more gap in employment, it's a bad thing.. Using someone to cosign will help if you don't have enough income, but only if their income can be used.. You might need to find someone else....I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
That would depend on the reason your co-signer took a year off from work. If its a reason deemed to be sufficient for an underwriter, then you have a decent shot at getting approved. Visit your local lender and have them try to help you.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Generally speaking, if someone has been unemployed for over 6 months, they need to be re-employed for at least 6 months for their income to be allowed as qualifying income.
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