Home Buying in South Windsor>Question Details

Jeremy, Home Buyer in South Windsor, CT

Co-signing more than one loan?

Asked by Jeremy, South Windsor, CT Tue Jun 3, 2008

My fiancee has already co-signed a mortgage with her mother for her mother's house. Is it possible for her to also co-sign with me? If so, do you know which banks may allow this?

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Answers

6
It's not necessarily whether or not she can co-sign, its more a matter of whether or not it will help you get the loan. It comes down to whether or not she can afford both loans. They will look at her total debt to income numbers and decide. You should contact a good, reputable mortgage officer and ask this question. Only someone with all of the info can give you a real answer.
Web Reference: http://www.danrossre.com
2 votes Thank Flag Link Tue Jun 3, 2008
As stated below, the issue is not whether she can co-sign on another loan it is whether your combined debt to Income fits lending guidelines. The best way to figure this out is to talk to a Loan Officer and have them take a no cost application and run your combined credit so they have all the details. You should be fine if all your recurring debt on your combined credit report is less than 50% of the gross income you both make. I will be happy to help, give me a call.

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0 votes Thank Flag Link Fri Aug 2, 2013
A person can co sign more than one loan. The key is that the loans that the person co signs count towards their debt to income ratio. Depending on their gross monthly income, they could either help with co signing for the new loan or can be ineligible due to the high debt to income ratio.


Hussam Saada
Loan Officer, President
NMLS: 766714
Precision Mortgage
1750 Ellington Road, Bldg. 3
South Windsor, CT 06074
0 votes Thank Flag Link Fri Aug 2, 2013
A good place to start is to speak with your bank or mortgage loan officer. If you would like some referrals, I would be happy to assist.

Good luck!
Jessica Tracy
CG Real Estate
860-368-8383
0 votes Thank Flag Link Wed Jul 17, 2013
co signer for student loan and car loan
0 votes Thank Flag Link Wed Jul 17, 2013
I would suggest that you talk with your attorney and with your banker. They will be best suited to answer your question. The regulations for a loan, have gone through many changes this year.
0 votes Thank Flag Link Mon Aug 16, 2010
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