Can a retired parent collecting his pension be a co-signer on a home mortgage?

Gufs99 asked:


My father would like to help us purchase our first home by co-signing on the loan for us. (yes, we both understand the implications of him being a co-signer on the mortgage). He is retired and living on his pension (not collecting SS just yet). Is this possible on a FHA mortgage?

Kansieo.com

Share and Enjoy:

• 
• 
• 
• 
• 
• 
• 
• 
• 
• 
• 
• 
• 
• 

5 Responses to “Can a retired parent collecting his pension be a co-signer on a home mortgage?”

1. lowerbearville Says:
   October 12th, 2008 at 4:26 am

   I should think so assuming he has assets adequate to cover the liabilities.

2. shiprepairwoman Says:
   October 14th, 2008 at 7:15 am

   Yes, it doesn’t matter where his income comes from if he has enough to afford the mortgage.

3. pjallittle Says:
   October 15th, 2008 at 12:21 am

   If the mortgage loan bank/lender is okay with it, then they will decide. He will have to provide financial statements, of course.

4. Mickie K Says:
   October 16th, 2008 at 6:40 pm

   As long as his credit is good, he can co-sign. Good luck with your new home.

5. Floyd B Says:
   October 17th, 2008 at 7:09 pm

   If he was going to live with you it wouldn’t be much of a problem because his income would be added to yours to cover the mortgage.

   If he don’t have much income & not a lot of assets, only what is left over after his expenses can be considered in granting a loan.

Leave a Reply