Question: Can a parent co-sign a home mortgage? ?r=1258338262?

(Posted by: Robert Krumwied on 2009-11-15 18:25:45)

Posted by: CAtransplant on 2009-11-15, 18:29:07

Anyone can. But that makes them equally responsible for the loan if the other person should default.

Posted by: Trixilicious is Delicious. on 2009-11-15, 18:37:15

Yes. on an FHA only, a non occupying co-borrower may sign. *keep in mind a 30 year mortgage is longer than the average jail term.

Posted by: Gilbe-BN on 2009-11-15, 18:44:06

Sure. But that could ruin Thanksgiving, Christmas, etc if you cannot make the payments. {Watch Judge Judy.} Also consider, you might be eligible for the $8,000 tax credit if you bought on your own. Your parents may agree to gift you some money or advance your inheritance for the down payment. They would get less gray hairs this way.

Posted by: Arbor Mortgage on 2009-11-16, 07:09:49

Yes, you can have a non occupying co borrower on a home loan, BUT you must credit qualify by yourself. You can't use a cosigner for credit reasons; banks will still use the lower of the 2 middle credit scores for qualifying. So, if you have a 550 and dad has a 780, you will be qualified off the 550. The only reason to use a cosigner is for income purposes. If you can't show all your income on paper, a cosigner can use their income to help you qualify for a higher amount.