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My father has good credit, but does not earn much more than me. Can he qualify as a mortgage cosigner?
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To answer your question, yes, how much he earns isn't really an issue. If he has good credit, he should be able to cosign.
The question you really need to be asking is why would you possibly want your father (and why would he want) to cosign your mortgage? That is a really, really, really bad idea. If you aren't able to afford the purchase and qualify for the loan on your own, you should seriously reconsider the purchase.
If your father does cosign, I hope he fully understands that essentially he is buying the home. He is 100% responsible for the payments if you are unable to pay them for any reason. If you are late or miss a payment, it wrecks HIS credit.Steve
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Disney Steve is right. You better make sure you don't lose the house if he co-signs for you. You might not have a dad anymore.Comment
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Yes if he has a score of 700 or above is more likely to be accepted as a co-signer than someone with a lower score. Lenders typically classify people with scores of 700 and beyond as prime borrowers because they've established a good debt-repayment history. And be sure he has stable work.Comment
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