Can someone cosign on a mortgage loan?

Asked by Vmcummings, Davenport, IA Sun May 13, 2012

My Dad and StepMom just offered to help us buy a house. They are willing to give us a good size down payment and also have offered to cosign if necessary. What are my options? Is this possible to have someone cosign on a mortgage loan? The house is listed for sale by owner at $139,000.00.

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Mickey Turner’s answer
Mickey Turner, Agent, Davenport, IA
Tue May 15, 2012
You can have a cosinger on a loan but it may not be necessary. You need at least a 640 credit score and 40% debit to income ratio, including the new mortgage cost, to get a loan on your own. A lender will be able to give you a pre-approval letter with an idea of what your payments would be each month. The more money you put down the better the interest and your parents can give you a gift for the down payment.
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babybert0106, Home Buyer, Winter Haven, FL
Fri Jan 11, 2013
I want to buy a home and my credit is not good nor is my income to good. My mother is on disability can I use her income to help me but her credit is not good either?
0 votes
Brenda Nolti…, Agent, Bettendorf, IA
Sun May 13, 2012
A cosignor or co borrower can be used on a FHA loan. They are used to help qualify for monthly income. They cannot be used to help with credit if the borrower has credit issues. Best to contact your mortgage loan officer and have them tell you, your options.
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