Are you considering adding a co-signer to your loan application to improve your chances of approval? Incorporating a co-signer can indeed increase the apparent income on your application, potentially making you a more attractive candidate to lenders. However, the criteria for who can serve as a co-signer can vary significantly depending on the type of loan you are applying for.

For those looking into government-backed loans such as VA, FHA, or USDA loans, the requirements for co-signers tend to be more stringent. On the other hand, conventional loans typically have more relaxed standards when it comes to co-signers. As you navigate the complexities of securing a mortgage, it’s crucial to consider all the factors that lenders evaluate.

Check out our resources below for important links!

In this episode, you’ll learn:

• Understand the difference between a co-signer and a co-borrower


• Learn about the specific requirements for co-signers across different types of loans such as VA, FHA, USDA, and conventional loans


• Explore how adding co-signers can affect eligibility for USDA loans due to income limits in certain areas


• Discuss the stringent requirements for FHA loans


• Conventional loans offer more leniency in terms of who can be a co-signer
  
  
  
  

RESOURCES:

USDA Income Limits: https://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state

FHA Loans: https://www.youtube.com/watch?v=SKsrC-dTUNQ

VA Loans, what you need to know: https://www.youtube.com/watch?v=zDrIhGre7_0&list=PLsjEjJAI2Tj9gJXmp6BND04G82sGoEDlt

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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497 

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📌More Helpful Content:

▶️The Myths and Truths About Credit Inquiries: https://youtu.be/d_RQJnTsVPE

▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA ▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU

▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo

To contact us visit www.loanwithjen.com

 

Equal Housing Opportunity Lender NMLS# 514497

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