Home Buying in Philadelphia>Question Details

Jay, Home Buyer in Philadelphia, PA

if you get ssi and you want to get a house and your mother willing to cosign can you get a house?

Asked by Jay, Philadelphia, PA Thu May 2, 2013

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Trevor Curran’s answer
Good afternoon Jay,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

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1 vote Thank Flag Link Fri May 3, 2013
You can also go through freddie mac and get borrower paid mortgage insurance which is usually less expensive than the FHA. And depending when you apply for the loan, the FHA is making mortgage insurance permanent as of June 1st.


Brian Basile
Mortgage Loan Originator
Vision Mortgage Capital
620 West Germantown Pike
Plymouth Meeting, PA 19624
1 vote Thank Flag Link Fri May 3, 2013
can you help me with my credit and help me get a house
Flag Mon May 6, 2013
For the freddie mac program however you need a 660
Flag Fri May 3, 2013
It will be based off of the lowest score of all borrowers. I would suggest waitng a little and trying to get your score a little higher. I could most likely get you the loan with your score at 592, however, in my opinion it is worth spending a little time doing some minor adjustments to raise your score, no sense in having a higher rate and being more scrutanized because of a lower score and possibly being denied. I can help you fix your credit, and just by experience. For instance I am working with a client as we speak and all he has to do is bring a balance down by about $287 dollars and it should raise his score about 20 points. All of this information is obtained simply by pulling his credit and asking the system the best way to raise his score. This isn't a special service or charge or anything. Just something I do for all of my clients who need a few more points
Flag Fri May 3, 2013
what if my middle credit is 592 and she got good credit
Flag Fri May 3, 2013
Hello Jay,

If you and Mom's income qualify yes you can get an FHA loan.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
1 vote Thank Flag Link Fri May 3, 2013
As long as your income and mom's qualifies you for the mortgage.
1 vote Thank Flag Link Thu May 2, 2013
FHA allows non-owner occupying co-borrowers. (Conventional does not.) So if your credit qualifies but your application is short on income, your Mother's income may tip the scales so that you qualify for an FHA loan.

If you get an FHA loan in process this month you can avoid the permanent monthly Mortgage Insurance Premium. You will still have MIP, but it will not be permanent if your FHA case # is issued in May. Good luck.

Wes Costello
AnnieMac Home Mortgage
1 vote Thank Flag Link Thu May 2, 2013
You'd have to get pre-approved by a lender based on both you and your mom's credit, income and assets. You want to meet with a Loan Officer and have them review all the necessary documents and pre-approve you or let you know what you must do to qualify. Social Security income is an acceptable type of income, so it'll count.

I'm always available if you need a Loan Officer. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
1 vote Thank Flag Link Thu May 2, 2013
Hi Jay,

As long as each individual can qualify on their own to support their debts incurred with the home and their personal financials, that will be fine. Co-signing only strengthens the loan but doesn't necessarily help qualify you for it.
1 vote Thank Flag Link Thu May 2, 2013
Yes, as long as the income supports the monthly payment with allowable debt.
Call me if interested.
Kevin Reddington
Prudential Reddington Realtors
1 vote Thank Flag Link Thu May 2, 2013
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