How can I get approved for a FHA loan with a co signer?

im 1099 and with all my deductions my tax returns dont show my true income. I am only going to buy a 1 br/bath for less than 100K so i have to have my parents co sign.

Will we get approved. My parents have 300k in debt but make 75K a year combined they have decent credit. i have no debt whatsoever and have good- very good credit

any insight appreciated

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  • 1 decade ago
    Best Answer

    Its doesnt really matter what the total debt they owe is, it matters what the total monthly payments they make are. Also their credit scores will be a factor as well. Even though you have very good credit and no debt, their debt and credit scores will be a factor. FHA does not have a minimum credit score to qualify, but for liability purposes of the lender having an insurable loan a lot (or most) lenders still set a minimum credit score to qualify for an FHA loan. 620 middle credit score is what I have seen most lenders require as of recent, some even 660 but thats rare. Since your 1099 you must have a 2 year history of this kind of income irregardless for an FHA loan. You really haven't provided enough information to say whether you can get a loan or not, but just know that when it comes to putting a co-signer on an FHA loan they basically have to fully qualify as any other borrower would without a cosigner.

  • 1 decade ago

    Most likely you will not qualify even with your parents as a co-signer given the amount of debt versus income. You will be asked to show your last two years of tax returns - if you have earned more than $33K gross for each of the last two years and have the deposit and closing costs saved, you may not need a co-signer. Find a mortgage broker that knows about FHA loans and have him/her try to get you pre-approved.

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