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Can my parents cosign for me in a mortgage loan?

Discuss the role of Credit Reference Agencies

Can my parents cosign for me in a mortgage loan?

Postby worton5 » Fri Nov 22, 2013 4:34 am

My credit score is currently 585. I want to know if it is possible that both my parents can co-sign for me on a mortgage loan? My dad is currently employed and my mom is unemployed but currently receiving unemployment benefits. Someone please help. I live in Illinois if that helps.
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Can my parents cosign for me in a mortgage loan?

Postby gwydyon » Fri Nov 22, 2013 4:40 am

My credit score is currently 585. I want to know if it is possible that both my parents can co-sign for me on a mortgage loan? My dad is currently employed and my mom is unemployed but currently receiving unemployment benefits. Someone please help. I live in Illinois if that helps.
Yes they can. And it not an "iffy" answer. As long as your parents make enough money to afford the entire mortgage (within the required debt ratio) you can be a part of the loan, it is just that your income will not be counted. Take your parents to your local lender and discuss your options.
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Can my parents cosign for me in a mortgage loan?

Postby boase » Fri Nov 22, 2013 4:41 am

With a credit score of 585, you have absolutely no business owning a home. That score means you basically never pay any creditors on time, and no bank wants that risk. You should actually move back home for a couple of years, pay off your debt, and work to raise your credit score.
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Can my parents cosign for me in a mortgage loan?

Postby giollaruaidh » Fri Nov 22, 2013 4:49 am

Yes and no.

Yes, they can co-sign. But, no, with a credit score of 585, it probably won't help.

Check with a good loan officer or mortgage broker for more information.
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Can my parents cosign for me in a mortgage loan?

Postby fie » Fri Nov 22, 2013 4:56 am

Co-signer won't help if your score is only 585. FHA loans require at least 620, but most lenders want 640.

Is your score low due to lack of credit history? Then MAYBE. If it's due to bad credit, then no.
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