My father would like to help us purchase our first home by co-signing on the loan for us. (yes, we both understand the implications of him being a co-signer on the mortgage). He is retired and living on his pension (not collecting SS just yet). Is this possible on a FHA mortgage?
2007-06-21 16:57:02 · 5 answers · asked by Gufs99 1 in Business & Finance ➔ Renting & Real Estate
If the mortgage loan bank/lender is okay with it, then they will decide. He will have to provide financial statements, of course.
2007-06-21 17:01:57 · answer #1 · answered by pjallittle 6 · 0⤊ 0⤋
that is achieveable yet seldom clever. The co-signer has equivalent legal accountability for the loan. If the thought defaults the co-signer has to make the money. some lenders could make the co-signer post collateral equivalent to the loan. This effectively freezes the sources of the co-signer and could deprive him from borrowing against his very own fairness.
2016-10-18 08:01:34 · answer #2 · answered by wallin 4 · 0⤊ 0⤋
If he was going to live with you it wouldn't be much of a problem because his income would be added to yours to cover the mortgage.
If he don't have much income & not a lot of assets, only what is left over after his expenses can be considered in granting a loan.
2007-06-21 17:17:36 · answer #3 · answered by Floyd B 5 · 0⤊ 0⤋
Yes, it doesn't matter where his income comes from if he has enough to afford the mortgage.
2007-06-21 17:01:05 · answer #4 · answered by shipwreck 7 · 0⤊ 0⤋
I should think so assuming he has assets adequate to cover the liabilities.
2007-06-21 16:59:49 · answer #5 · answered by lowerbearville 6 · 0⤊ 0⤋
As long as his credit is good, he can co-sign. Good luck with your new home.
2007-06-21 17:05:55 · answer #6 · answered by Mickie K 4 · 0⤊ 0⤋