Mortgage Co-signers For Buying A House

by Ed
(Portland, OR)

I am currently looking into buying a house. I am single and have spoken with a friend about co-signing the mortgage with me. He will not live in the house.

Is this mortgage possible and a wise move?

The Scoop On Co-Borrowers

Dear Ed,

The million dollar question! If we set up a debate on this topic, it might be lively.

Is it possible to use a co-borrower to help qualify for a mortgage when buying a house?

Yes and no... because it depends on the mortgage lender and it depends on the mortgage program. Some lenders run away from allowing co-borrowers. Other lenders entertain the idea but only if the co-borrower also lives in the house. FHA mortgages, more popular after subprime mortgage loans evaporated, can be more generous toward allowing co-borrowers than other programs. It will also depend on your individual mortgage qualifications.

Important note: A co-borrower's strong credit history will usually not assist in fixing bad credit for a primary borrower.

Is it a wise move to use a co-borrower to help qualify for a mortgage when buying a house?

Maybe... Maybe not! Because depending on the state in which you live, the lender's state, and the state in which the house is located, different laws and practices exist. I suggest you consult an attorney for legal advice.

Being single or married when you are buying a house with co-borrowers can make a difference if you live in a community property state. So my advice is to seek legal advice for this question also.

Another important note: Have you considered how much you can afford without a co-borrower? My answer might surprise you. Find out why! Visit How Much in a Mortgage Can I Afford?

Best Wishes,



Your Online Mortgage Advice Friend


P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

Back from Mortgage Co-signers For Buying A House to home page

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com.