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Can a retired parent collecting his pension be a co-signer on a home mortgage?
Posted on January 30th, 2010 5 comments
Gufs99 asked:
My father would like to help us purchase our first home by co-signing on the loan for us. (yes, we both understand the implications of him being a co-signer on the mortgage). He is retired and living on his pension (not collecting SS just yet). Is this possible on a FHA mortgage?
RICKIE5 responses to “Can a retired parent collecting his pension be a co-signer on a home mortgage?”
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I should think so assuming he has assets adequate to cover the liabilities.
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shiprepairwoman January 31st, 2010 at 07:24
Yes, it doesn’t matter where his income comes from if he has enough to afford the mortgage.
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pjallittle January 31st, 2010 at 11:45
If the mortgage loan bank/lender is okay with it, then they will decide. He will have to provide financial statements, of course.
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Mickie K February 2nd, 2010 at 14:04
As long as his credit is good, he can co-sign. Good luck with your new home.
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Floyd B February 5th, 2010 at 09:06
If he was going to live with you it wouldn’t be much of a problem because his income would be added to yours to cover the mortgage.
If he don’t have much income & not a lot of assets, only what is left over after his expenses can be considered in granting a loan.
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lowerbearville January 30th, 2010 at 19:16