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Who Can Co-Sign My Mortgage If I Live Alone?

By Kevin Landis

Who can co-sign my mortgage if I live alone? Read here to find out who qualifies as an adequate co-signor for your mortgage!

Due to today’s faltering economy, many traditional lenders are scaling back on mortgage lending and require much more out of their borrowers than ever before. Unfortunately, because of the economy, less people are able to meet these increased restrictions. Fortunately, to get approved for a mortgage, many people are able to rely on the financial well being of a friend or family member to co-sign their mortgage. If you live alone, anyone can co-sign your mortgage, but you should be sure they are strong enough financially to get the loan approved.

Credit Score

The first requirement you should look for in a co-signor if you live alone is their credit score. Lender’s will be less interested in your poor credit score if you have a co-signor who has a strong credit history. You should look for a co-signor who has a credit score of at least 720, which is the score most banks require to give the best rates to a borrower.

Income

The next requirement you should look for in a co-signor if you live alone is their income. A bank will only approve a mortgage if they feel the co-signor can make the payments in the even you default on the mortgage. The lender will want to make sure the co-signor’s total debt to income percentage (including your housing payments) is under 40%.

Trustworthy

The last requirement you should look for in a co-signor if you live alone is trustworthiness. Since the co-signor is on your mortgage, they will have valuable pieces of your personal information which leaves you open to risks of having your identity stolen. It would be best if your co-signor is a trusted friend or family member.

Related posts:

1. How Can I Get A Mortgage With A Low Credit Score?
2. How Can I Get A Good Mortgage Interest Rate With A Bad Credit Score?
3. How Can I Remove Someone From My Mortgage?
4. How Can I Get A Second Mortgage With Bad Credit?
5. Can I Get The Best Mortgage Rate With Bad Credit?