How to cosign a mortgage?

FHA allows for non occupying co borrowers and your loan pricing will be the same as owner occupied transactions.. the co signer will have to have sufficient credit and income to service the new debt along with their existing debt. Also keep in mind that co signers do not help if you have bad credit.. Only if you have no credit, insufficient credit or insufficient income.. 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

William is spot-on here. Just remember, you would be the primary borrower (occupant) and you would have a co-signer (considered a non-occupant co-borrower). He/She needs to have sufficient credit scores of their own and income that will assist in the qualifying ratios for you. All of their debt will also be used for qualifying, so if their own expenditures are very high, there may not be a benefit to adding them. My Group is licensed in MI, so please don't hesitate to contact me with questions. I'm also very familiar with your area, being originally from Waterford. barb.lanis@1amllc.com

That borrower will be considered an non occupting co-borrower and MAY require thatthe property be classified as an investment depending on the bank.

If the co-borrower will not occupy the property as their primary residence, they MAY be able to help you qualify, based on their income, credit and present housing situation. Contact a local mortgage broker who is listed on Lender411, for expert help.

Williams Answer is correct.

FHA is usually the best option for a co-signer but not the only one. William's caution is excellent that credit from a co-signer does not offset any negative or unacceptable credit that you might have. It is often possible to establish credit within about 6 months to make it easier to qualify on your own. A co-signer is equally obligated on the mortgage as you are, so they are on the hook if you don't pay or pay late hurting their credit too. Remember that the co-signer cannot be removed without completely refinancing the property. Good luck!

You can have a non occupying co borrower for a conventional or an FHA loan. The same debt to income guidelines need to be met.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

www. HOMEMORTGAGEXPERT.COM

Hello, do you not have any trade-lines, or do you only have negative trade-lines? The person who is willing to 'co-sign' on the loan with you may want to add you as an authorized user to their positive trade-lines. You will reap the positive pay history and length of the accounts. On the downside their monthly payment(s) will become part of your DTI so be sure you can still qualify with the added monthly debt. This is called piggy-backing and is used quite often when helping someone like yourself improve your score ratings. Best of Luck. Christina Solorzano.

While the general public always calls it "co-signer", I prefer the term "co-borrower". Everyone on the application is treated equally. All applicants must meet the minimum guidelines, including credit history and credit scores. For example, someone with great credit can not be used to offset someone with bad credit, or in your case, no credit. www.Minneapolis-Mortgage.net

William did a fantastic job explaining it.

Call me at 734-395-9027 and I'll be glad to go over a free pre-qualification with you.

FHA allows for this. They will take into account the co-signer's income, debts and credit history. Remember anyone who co-signs on your home will own half the equity too....

It is getting harder to get a loan with a non-occupant co-borrower. I doubt you will like my answer, but it would be my strong suggestion to visit a HUD approved credit counselor or a loan officer to see what you can do to build your own credit so you can purchase with out a co-signer. Three positive creditors (or tradelines) on your credit for 12 months with no negative credit in the past 24 would get you where you need to go. Adding a co-signer puts them at high risk if anything would ever happen to your ability to pay. Is that a position you would want to put a family member in? Additionally, it may be very hard if not impossible to re-finance once you have established credit to get the co-signer off. If you would like me to look at your credit for you to advise you on how to get there on your own, I would be happy to do so. =Mike (East Lansing) 517-489-2328.