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
- 1 decade agoBest 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.
- Steve DLv 71 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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