U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-13-2018, 03:36 PM
 
1 posts, read 615 times
Reputation: 10

Advertisements

Hi All,

I'm planning to apply for a jumbo loan to buy a single family house that i'll be living in myself.
My credit score is excellent and i'm able to offer a 20% down payment.
However, my income(with debts calculated in) is not high enough to qualify for the amount of the loan i'd like to borrow.

I'm considering bringing on my dad as a co-signor (not a co-borrower). He has great credit and his income to debt ratio is going to be really helpful on my application.

My dad however, lives in a low income housing (below market rate) and i'm wondering if co-signing a jumbo loan with me is going to disqualify him from the low income status and if he'll end up losing the housing he resides in at the moment.

Would that be an issue at all? is there a way around it?
All help is greatly appreciated.

Thanks in advance,
A
Rate this post positively Reply With Quote Quick reply to this message

 
Old 11-14-2018, 01:13 AM
 
Location: on the wind
11,708 posts, read 5,359,443 times
Reputation: 38494
If your income doesn't qualify you for the loan amount you want how will you convince a lender you can make the payments consistently? Getting qualified for a mortgage is only one aspect...the more important thing is ability to re-pay it. Your dad as co-signer will be taking the risk right along with the lender. If anything unexpected happens (if you are that close to the line it can in a heartbeat) and you fall behind or default your dad can end up having to make good on the loan. If he's already low income adding your loan obligation onto him won't be a good thing. Pay off your existing debt or increase your income first, then apply for a mortgage you can afford without help from anyone else.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-14-2018, 09:24 AM
 
4,961 posts, read 12,540,051 times
Reputation: 3759
Quote:
Originally Posted by alimasoudi View Post
Hi All,

I'm planning to apply for a jumbo loan to buy a single family house that i'll be living in myself.
My credit score is excellent and i'm able to offer a 20% down payment.
However, my income(with debts calculated in) is not high enough to qualify for the amount of the loan i'd like to borrow.

I'm considering bringing on my dad as a co-signor (not a co-borrower). He has great credit and his income to debt ratio is going to be really helpful on my application.

My dad however, lives in a low income housing (below market rate) and i'm wondering if co-signing a jumbo loan with me is going to disqualify him from the low income status and if he'll end up losing the housing he resides in at the moment.

Would that be an issue at all? is there a way around it?
All help is greatly appreciated.

Thanks in advance,
A
Your Dad would be a non-occupant co-borrower. There are no "co-signers" on a mortgage. Sounds like he is gaming the system by living in subsidized housing. No idea if him being a co-borrower would jeopardize his current housing.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-14-2018, 10:01 AM
 
12,018 posts, read 9,305,137 times
Reputation: 13420
Quote:
Originally Posted by alimasoudi View Post
Hi All,

I'm planning to apply for a jumbo loan to buy a single family house that i'll be living in myself.
My credit score is excellent and i'm able to offer a 20% down payment.
However, my income(with debts calculated in) is not high enough to qualify for the amount of the loan i'd like to borrow.

I'm considering bringing on my dad as a co-signor (not a co-borrower). He has great credit and his income to debt ratio is going to be really helpful on my application.

My dad however, lives in a low income housing (below market rate) and i'm wondering if co-signing a jumbo loan with me is going to disqualify him from the low income status and if he'll end up losing the housing he resides in at the moment.

Would that be an issue at all? is there a way around it?
All help is greatly appreciated.

Thanks in advance,
A
Unless your father is lying to qualify for the low income housing it should have no effect. Your income has nothing to do with his housing, i don't see how a low income person can help you, but Cali is expensive so maybe he can.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-14-2018, 10:02 AM
 
458 posts, read 321,725 times
Reputation: 609
Sounds like you really can't afford the house. Not sure how your low-income housing father has income that would support you buying the house either.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-20-2018, 06:43 AM
 
9,243 posts, read 2,663,303 times
Reputation: 8134
Another fake thread.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-20-2018, 02:56 PM
 
Location: Riverside Ca
21,708 posts, read 24,137,821 times
Reputation: 34041
Don’t buy. You can’t afford it. Get out of debt first
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 02:04 PM.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top