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Co-signer question

I am considering getting a nonoccupant co-signer because i have too much student loan debt by myself. does the income of the cosigner need to support the whole mortgage payment? are both of our income combined? i just dont want to be rejected if my cosigner cannot support the entire mortgage by geoff.town225838 from Newburg, Maryland. Apr 6th 2015 Reply


Gene Neal (eneal@athccorp.com)
#33 ranked lender in New York - 273 contributions

No, the income just has to help lower the overall debt to income ratio on the file. I can crunch the numbers and show you the options if you would like.

Apr 6th 2015
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 597 contributions

No the co-signer will be added to your information. As long as you combined can cover the debt to income levels for the housing and total you should be fine.

Apr 6th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,727 contributions

The way it works is we look at the COMBINED income and calculate the debt to income ratios using minimum payments (including new housing payment) of your COMBINED payments.. Also understand that we necessarily use the debt, but rather the PAYMENTS associated with your debt.. 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

Apr 6th 2015
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Bill Cook (loanpro)
#626 ranked lender in California - 43 contributions

No. both of your incomes together are needed to qualify just as both of your credit profiles. If your co-signer has great income or commpliments yours be sure their credit is ok. I had one borrower thinking to add a relative and shrotly found out they her brother was going through a divorce. She came to find out that he and his ex-wife have not made a mortgage payment and are going through foreclosure.

Apr 6th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

It partly depends whether it is a conventional loan or FHA, but usually your total income is combined as are your debts.

Apr 7th 2015
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