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Spottie14, Home Buyer in

I did a short sale last year on my house. Can I co sign a mortgage?

Asked by Spottie14, Wed Jul 4, 2012

I did s short sale on my house last year. My credit score is still in the 720 730 range. My civil unioned partner and I have found our dream house. She is trying to qualify herself but she works a tip position and had breast cancer this past year and missed 6 months of work. Can I cosign for her? I make a lot of money and have a stable work history

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6
I'm not a lender but my understanding was that it was a firm two years in the penalty box for a short sale. I would check with your loan officer to be sure. Good luck!
1 vote Thank Flag Link Wed Jul 4, 2012
Hi- Its not really called co sign these days. First, you dont know if she can qualify or not without running her info thru an automated underwriting program. It may be that the income reduction may or may not be an issue, if there has been consistent past income, and if it is now continuing. Think of a college grad without work history who can get a loan.
You also dont know if the short sale is on your report or not. You may be able to do a loan yourself if you have the funds needed to close unless FHA or who you are using objects to the short sale if it appears. In this case, you would be on the deed yourself, as well as the note. If you want her to be on the deed, for her feeling some control or whatever reason, she can be added to the deed without having to qualify for the loan. Or, you may be co borrowers, in which case you are both on the deed and note , both are qualified, and the lowest score of the two of you is used, in which case, if her score is too low, you could be penalized in interest rate.
So, all these possibilities should be looked at, and the pros and cons be listed.
If there would be a separation in the relationship in the future, its always way easier if the loan is only in one persons name.
I have been mortgage broker for 20 years and only do investment loans now. All of my owner occupants now are done by
Paul Moseng cell is 267-334-1555.
He is senior loan officer and has deep experience and will exactly understand your situation and find a solution for you. The company is Meridian Mortgage and there are some inner bank grant programs for closing cost assist in the amount of 2% of the sale price, or $5000 if you have not owned a property in the last 3 yrs. So, if your partner qualified, then she may be able to get the 5k grant. The seller can also assist in your closing costs if you negotiate it in your offer, up to 6% total, which includes other assists. Give him a call. They underwrite (analyze) the loans right in his office. He does lend in Jersey too.
I wish you success ,
Skip Lucas
0 votes Thank Flag Link Sun Aug 18, 2013
I would go directly to a lender to seek guidence. I do believe you will have a hard time and need a period of rebuilding to be able to co sign.
0 votes Thank Flag Link Mon Jun 24, 2013
I am awaiting your reply, Respectfully Autumn M. Urling
0 votes Thank Flag Link Thu Jul 5, 2012
Hello Spottie - please contact me at cbarris1@optonline.net and we can talk about this further.

Thank you.
Chad
0 votes Thank Flag Link Thu Jul 5, 2012
There are certain things to analyze including shortsale date. Whether gap can be justified. Purchase amount downpayment ratios etc... to get the correct information I recommend to call First Prestige Mortgage Services. Reputable Co. 973-744-8300 or 888-Fha-Road
0 votes Thank Flag Link Wed Jul 4, 2012
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