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Co-signer on home loan

I am currently trying to get pre-approved for a home loan! Im looking to get approved for up to 200,000. I am a hair stylist so my yearly income doesnt look as good on paper compared to what i actually make, so my dad has offered to co-sign for me. He is getting married in October of this year, and his future wife is fine with co-signing for me as well! The question I have is, can i go ahead and get preapproved now with my dad as my co-signer or do i need to wait until they are married and apply then? by amoureux from Annapolis, Maryland. Aug 20th 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

You can get approved

Aug 20th 2012
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Derick Condron (rightstartoregon)
#31 ranked lender in Oregon - 598 contributions

You can get preapproved now but with the full understanding that if you are not able to close before you fathers wedding you may have to do the approval process again. If Maryland is a community property state when they get married even if your new mother in law will not be on the loan they will need to count her debts against your father as a non purchasing spouse.

Aug 20th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You can do it now.. if your closing is after the marriage, then some of the doc's might need to be changed, but you can do it now.. 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. 480-287-5714 WilliamAcres.com

Aug 20th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,395 contributions

You don't need to wait until they're married. Work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. If you are looking for a great Loan Originator, The National Association of Mortgage Professionals has many very qualified Loan Originators. You can find one that serves your area at www.NAMB.org Click the Find a NAMB Broker tab and select your state. Members adhere to a strict Code of Ethics which benefits the consumer. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Aug 20th 2012
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

You can go ahead and get approved. You do not need to wait for them to get married.

Aug 20th 2012
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

You don't need to wait until they are married unless your lender also needs his wife's income to qualify. I'm assuming that you are looking at an FHA loan? Those are the only loans that income from a family member can be "used" for qualifying purposes. On Conventional loans, a co-signer just adds "strength" to your loan request, but their income is not added to yours as though they are contributing to the monthly payments.

Aug 20th 2012
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Tony Sergi (tsergi)
#48 ranked lender in Maryland - 11 contributions

You can go ahead and get pre approved now and I would suggest getting it done early so there are no suprises. I would be more than happy to help you with this. Feel free to contact me at any of the numbers below. Tony SergiMortgage ConsultantNMLS ID# 3697341st Mariner Mortgagea division of 1st Mariner Bank410-878-2905 Direct Line443-271-4006 Cell443-692-9500 Direct Fax866-281-1003 Toll Freetsergi@1stmarinerbank.com

Aug 20th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

Maryland is a great place to live!! I have done a lot of loans there, and if you ever need a good heart doctor, my niece is a cardo doc there, at John Hopkins.. There is another way to work your loan, if you want to email me at yourloanpartnerforlife@live.com linda

Aug 20th 2012
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