Is it possible to have a co-signer on a home mortgage?

I was hoping to have my father co-sign a home loan (maybe) and was wondering if this is even possible.Is it possible to have a co-signer on a home mortgage?
Yes.Is it possible to have a co-signer on a home mortgage?
yes, especially if his credit is better or more secure income. Usually the co-signor can come off in one year if you make the mortgage payments





http://albertamortgageguy.com
It's possible but seldom wise. The co-signer has equal liability for the loan. If the principle defaults the co-signer has to make the payments. Some lenders may make the co-signer put up collateral equal to the loan. This effectively freezes the assets of the co-signer and may deprive him from borrowing against his own equity.
Yes it certainly is. I'm a loan officer for a great company who has done this kind of thing before. E-mail me and I'll help you out.
Of course. That means that if you default your father has to pay. Not a good thing for him. Unless you are sure of yourself don't do this to him okay.
Sure it is.
A mortgage co-signer is a co-borrower with all of the same financial responsibilities.





Even if your father was a co-borrower you'd have to qualify for the financing on your own merit, although the qualifying ratios would be extended a bit. The exception to that is with FHA financing as they do not use the ';non-occupant co-borrower'; formula.





I'd be happy to answer any other questions you may have. Feel free to email me.
Yes, both parties are listed as co-owners. Be very careful about asking someone to do this for you or you doing it for someone else because it will damage both parties' credit and finances if the house owner (one who lives in the house) defaults. It is much better to find a house you can afford on your own, or save up, possibly even lease to own so you can get an owner-finance arrangement. Check with your local bank for more advice. Good luck.
Absolutely If his credit is good enough.
It is possible, but he becomes liable for the term of the loan. You might consider him ';gifting'; you money to put down or pay for some costs.
Yes...it's possible. But finding someone actually willing to do it is another thing...not too many people are hip on agreeing to take over the payment of a mortgage gone defaulted.
Yes sure you can but are you sure you want him in hte middle of your business like that.......you can but just be sure that it isn't going to cause problems down the road for you or him....good luck....!!!
Yes, he can. But it's not as simple as many of the other posters have implied. He will have to qualify with you, using his credit history, income, debt ratios, etc. Talk to a few mortgage lenders. I say ';a few'; because you may run across some that don't know about non-occupying co-borrower loan programs. I suggest you start with Julie at


http://www.primelendingonline.com





Good luck!





Rick


http://www.fairwaymortgagelending.com
Yep. And its very commen also. In many areas of the country it can be hard for a young couple to buy a new home. Alot of parents will end up being co-signers in the buyers lack credit history or may just need a little extra income backing.
yes it is