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Can a parent cosign on a mortgage for a child who is currently in school?

My daughter is in dental school and worked full time for 3 years before matriculating. She can put down her own down payment but she does not have income as she is in a full time program. Can we work this? by leland_w92384667 from Le Roy, Minnesota. Jan 28th 2015 Reply


David R Youngs - Assistant Vice President (DavidRYoungs)
#66 ranked lender in Minnesota - 47 contributions

The short answer is most likely YES. There are options for another individual to "co-sign" on a mortgage loan, even if that person will NOT be occupying the new home with the primary borrower (your daughter). The primary factor that would determine if this would be possible would be dependent on which financing program was used. If you would be interested in having a conversation regarding how this could be done, please feel free to reach out at your convenience. Thanks! David Youngs - Senior Loan Consultant NMLS #328679 651-636-2840 Ext 12 or dyoungs@progressivels.com

Jan 28th 2015
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David Ortega (DavidOrtega)
#54 ranked lender in Minnesota - 220 contributions

Absolutely! We can do this on a Conventional or FHA loan. Give us a call! David Ortega - Satori Mortgage - 952-544-1706 - dortega@satorimortgage.com

Jan 28th 2015
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

A conditional yes.

Jan 28th 2015
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David Kosmecki (David_Kosmecki)
#38 ranked lender in Minnesota - 256 contributions

Great question. Yes, I have a loan options whereby the parents can be added and all the income used is their's to qualify. If you have an interest in finding out more, give me a call at 763-519-1100 x589. I would be happy to help in any way I can.Thanks,Dave Kosmecki

Jan 28th 2015
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Joe Becker (JoeBecker)
#60 ranked lender in Minnesota - 55 contributions

Yes, you will have some options here. Call anytime and we can go over a game plan for her! Thanks!

Jan 28th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Sure thing, conventional or FHA financing. Your combined income and assets and liabilities are considered together. With FHA any student loan debt that is deferred over 1 year from closing can be ignored.

Jan 29th 2015
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Yes, as the others have stated there are options.

Jan 29th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

So long as you have enough income to service all of her existing debt, your existing debt, and the new housing payment, and still be within the industry allowable debt to income ratio, then the answer is yes.. If the ratio is still to high for lender approval, then you can purchase the home as an investment, but in your name only, put 20% down, and then you wont be required to add your child's debt to your ratios.. Then once the loan is complete, you add her to the title.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 29th 2015
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