Can a parent cosign on a mortgage for a child who is currently in school?
My daughter is in dental school and worked full time for 3 years before matriculating. She can put down her own down payment but she does not have income as she is in a full time program. Can we work this? by leland_w92384667 from Le Roy, Minnesota. Jan 28th 2015
David R Youngs - Mortgage Advisor (DavidRYoungs)
#63 ranked lender in Minnesota - 89 contributions
The short answer is most likely YES. There are options for another individual to "co-sign" on a mortgage loan, even if that person will NOT be occupying the new home with the primary borrower (your daughter). The primary factor that would determine if this would be possible would be dependent on which financing program was used. If you would be interested in having a conversation regarding how this could be done, please feel free to reach out at your convenience. Thanks! David Youngs - Senior Loan Consultant NMLS #328679 651-636-2840 Ext 12 or dyoungs@progressivels.com
David Ortega (DavidOrtega)
#51 ranked lender in Minnesota - 231 contributions
Absolutely! We can do this on a Conventional or FHA loan. Give us a call! David Ortega - Satori Mortgage - 952-544-1706 - dortega@satorimortgage.com
David Kosmecki (david_kosmecki)
#35 ranked lender in Minnesota - 259 contributions
Great question. Yes, I have a loan options whereby the parents can be added and all the income used is their's to qualify. If you have an interest in finding out more, give me a call at 763-519-1100 x589. I would be happy to help in any way I can.Thanks,Dave Kosmecki
Joe Becker (JoeBecker)
#57 ranked lender in Minnesota - 64 contributions
Yes, you will have some options here. Call anytime and we can go over a game plan for her! Thanks!
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
Sure thing, conventional or FHA financing. Your combined income and assets and liabilities are considered together. With FHA any student loan debt that is deferred over 1 year from closing can be ignored.
Jericho Cherry (Jerichocherry)
#54 ranked lender in Virginia - 1,107 contributions
Yes, as the others have stated there are options.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
So long as you have enough income to service all of her existing debt, your existing debt, and the new housing payment, and still be within the industry allowable debt to income ratio, then the answer is yes.. If the ratio is still to high for lender approval, then you can purchase the home as an investment, but in your name only, put 20% down, and then you wont be required to add your child's debt to your ratios.. Then once the loan is complete, you add her to the title.. .. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
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