Home Buying in 90023>Question Details

Pwpainting, Home Buyer in 14468

Im looking to get a fha loan. i dont show enough income (selfemployed) to get it. if my dad cosigns can he b taken off after 6 months?

Asked by Pwpainting, 14468 Sat Jul 2, 2011

dont show enough income, want cosigner off loan after 6 months, do i then need to qualify for the loan myself?

Help the community by answering this question:


Q: if my dad cosigns can he b taken off after 6 months?
A: Only if you refinance into your name alone or you can "assume" the loan yourself - both of which require you to individually qualify for the mortgage on your own (or you can get another family member to co-sign).

What is the reason your father wants off the loan in 6 months? Is it because he is going to try for some financing on his own later on, and your mortgage payment would prohibit him from doing so? If that is the reason, then all that would be needed is proof that you are making the payments from an account in your name that your father is not also on - then his mortgage lender will exclude the payments because they are being paid by you, and not him.

If there is another reason, please feel free to elaborate.
1 vote Thank Flag Link Sun Jul 3, 2011
You can only assume only if you can individually qualify for the loan on your own based on your income - which you cannot do at the present. You can in six months if you income has risen to the level where the lender knows you can sustain the loan on your own. If you income is not going to rise in the foreseeable future then you will not be able to assume the loan from you dad.

I would love to discuss this more in detail with you.

Good luck.

David Akram
Realtor, DRE# 01891274
Notary Public, Certified Loan Signing Agent.
Cell: 661-505-8550
Century 21 All Moves
Contact: http://contactme.davidnewhome.com
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0 votes Thank Flag Link Wed Jul 6, 2011
Another possibility is a loan modification that a few banks do. Of course you must prove that you are paying this loan yourself. Only your Bank can naswer that question "after" you close
0 votes Thank Flag Link Sat Jul 2, 2011
Hi Pwpainting,

The only way someone can be removed from a loan is to either sell the property or refinance the property. If you refinance, you have to qualify for the loan yourself.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Sat Jul 2, 2011
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