Home Buying in 23185>Question Details

Kwtaylor52, Home Buyer in

Can I have my Parents & GrandParents cosign either a conventional mortgage loan, or an FHA loan? Basically - Can I have multiple cosigners?

Asked by Kwtaylor52, Thu Jun 20, 2013

I'm a recent college graduate and am now self employed with a blooming e-commerce business that I've been working on for a bit of time. I currently make more than enough to cover a mortgage on a large home - but I have no "proof of income" or any tax returns at this time where I'm starting out.

Can I have multiple cosigners on a mortgage? For an FHA I know that they will look directly at the cosigners income as mine would not be reported because I don't have enough history, but could I have my Grandparents and my Parents both cosign a mortgage for me so their incomes are combined and credit scores are combined allowing me a higher purchase price? I'm not aiming for an expensive house by far, but a small starter home. I have more than enough in savings to pay for downpayment for an FHA loan at 3.5% as well as enough to cover closing costs and still have a nice nest egg for about a year in payments and living expenses without including future incomes throughout the year.

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Answers

4
It sounds like you are beginning to establish yourself and this is a question that can be best answered by a mortgage lending professional. I would be happy to supply you with the name and contact information on a local lender if you wish. Just call me at 757-812-0399 or email me at jb4homes@gmail.com and I will give you his information.

If in the meantime you would like some info on homes in this area also let me know when you call or email me and I will assist with that also.

Hope to hear from you soon.

John
0 votes Thank Flag Link Thu Jun 20, 2013
Yes you can. Call me and I would be more than happy to assist you.

Best regards;
Anthony Alleva
Loan Officer
NMLSR #384996
Monarch Bank & Mortgage
11815 Fountain Way, 3rd Floor
Newport News VA 23606
Direct: (757) 768-9412
eFax: (757) 793-4205
aalleva@monarchmortgage.com

Apply for a loan at: http://www.monarchmortgage.com/aalleva
0 votes Thank Flag Link Thu Jun 20, 2013
Yes you can. Call me and I would be more than happy to assist you.

Best regards;
Anthony Alleva
Loan Officer
NMLSR #384996
Monarch Bank & Mortgage
11815 Fountain Way, 3rd Floor
Newport News VA 23606
Direct: (757) 768-9412
eFax: (757) 793-4205
aalleva@monarchmortgage.com

Apply for a loan at: http://www.monarchmortgage.com/aalleva
0 votes Thank Flag Link Thu Jun 20, 2013
You can have multiple co-signers, but ALL co-signers have to qualify for a mortgage. This means YOU also have to qualify, (which sounds like you won't based on your information).
0 votes Thank Flag Link Thu Jun 20, 2013
But - For an FHA loan - the cosigners information can override your own. I was in a deal for a mortgage with a lender on an FHA loan and I wasn't having any income and all the information would be based on my parents information. So I don't believe you're correct. Thanks though.
Flag Thu Jun 20, 2013
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