Cosigner with little income for a home loan

Anonymous · ‎04-13-2018

My husband and I recent took in his best friend two children. It was not really an option as they are wards of the state and didnt have anywhere to go. We are needing a bigger place and currently we are not credit worthy for a home loan. But thier grandmother is however she have very low income. I was wondering if someone could give advice on if her good credit would off set ours, and our good income would offset her low income. Thanks for the help!

CreditInspired · ‎04-13-2018

Welcome OP,

Unfortunately, it doesn't work that way when buying a home.

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me12345 · ‎04-15-2018

Sorry, that would not be an option...

You can use a "Non-Occupying Co-Borrower" for additional income, as long as they are a relative AND you yourself have good credit as well.

Sorry, the "Co-signer" is only for additional income, not credit help.

Thanks,

VA & FHA down to 550...
Licensed Senior Mortgage Loan Officer in the states of Arizona & California
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