Will I need a co-signer for FHA Loan?

Anonymous · ‎05-02-2011

I am hoping that my credit score will meet the FHA requirements by this fall to apply for a mortgage. Is a co-signer required for FHA loans even if we meet the credit score requirements? My husband and I have great income and our credit reports are looking better.

mauve · ‎05-02-2011

I don't think a co-signer would help. They'll take the lowest mid-score from the people applying. You could leave one of you off of the mortgage, but then you'd have to qualify with only that person's income.

Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around

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ShanetheMortgageMan · ‎05-02-2011

A co-signer is never required for an FHA loan. When borrowers do not have qualifying scores, a co-signer with qualifying scores cannot be added in an effort to get a loan approval - meaning everyone on the application must have qualifying scores. I have seen people here go from upper 500's to low 700's in a matter of 6 months, so it's definitely possible for you to increase your scores to your goal.

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