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if a already have a mortgage, will that affect the odds of an approval if I am cosigning on another home loan?

by dailyhut831 from Jacksonville, Florida. 11 days ago Reply


Dan Paladin (dpaladin)
#1 ranked lender in California - 448 contributions

The general answer is that your mortgage will be factored in as part of the debt ratio. So assuming you have "expendable" income and the debt stays below the max you would be OK.....obviously I do not have your info to provide a definitive answer. Bottom line is that it will be factored in.

11 days ago
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If you can document that the other Borrower on the mortgage loan has paid the last 12 months payments the mortgage loan will be excluded from your debt ratios.

11 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

So long as you have enough income to afford both payments and still be within the acceptable debt to income ratio guidelines, you should be ok.. Keep in mind that in regards to the person you are cosigning for, their income and debt will also be added to yours to come up with a combined debt to income ratio.. Without looking at your complete loan profile, it's near impossible to advise you specifically, but in general, this is done all the time.. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

11 days ago
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