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Can a person who is retired qualify for a loan? Also, can that be person have more than 1 co-signer?

My mother and I have been thinking about purchasing a home. My mother is a young retiree who recieves a pension of about $1300 monthly. She has no debt what so ever and an excellent credit. She also recieves some money from workers comp. My brother and I would like to co-sign for her but there are some things to be questioned. I have good credit, no debt with a monthly income of about 2K. My brother on the other hand has bad credit with a salary of about 4k a month. His debt is only 6k..We would like to purchase a 2 family home for no more than 400,000 with 25k down and also money for closing costs. We are worried about mortgage approval and if we even qualify..any thought or insight on our situation?
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November 21 2011 - New York
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Answers (2)

Your best bet is to speak to a mortgage broker or banker. Keep in mind that when purchasing a two-family house the income received on house is also a consideration when factoring your income qualifying you for loan. The mortgage process has become more complicated than ever before. With the right guidance you should be able to find something that suits you.
Best of luck
Marco
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November 23 2011
You could qualify for a loan but it most likely have a higher intrest rate and it's possible you might not qualify for the amount you're looking for. Speak to a bank , credit union and a mortgage broker to see what you qualify for. All the best.
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November 21 2011
 
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