Profile picture for orca137

Can my fiance co-sign a mortgage loan while collecting unemployment benefits as income?

  • January 16 2013 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (7)

 Talk to someone who knows what they are talking about, and can give you a game plan to get into a home quickly. I do have a Bank I work with that can do a 580 loan with as low as 3.5%-5% down, if you meet other requirements. [removed by moderator]

Randy Roberts
[Website removed by Zillow moderator. Please see our Good Neighbor Policy.]
  • January 18 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Loan qualification / approval will be based on the lowest middle score of both borrowers so if 659 is your middle Fico then that is the score used.
  • January 16 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack
We do not your full financial profile to make any recommendations, contact at leat two mortgage brokers and discuss your situation with them.
  • January 16 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for orca137
Yes, that's what I was asking, if unemployment benefits can be used as income. Does the co-signer have to be employed at all? Or is good credit enough? I was trying to prequalify for a HomePath mortgage and I meet all the requirements, except the credit score minimum. The min is 660, my score came back at 659. My fiance's score is around 750.
  • January 16 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A lender would not consider that as permanent income so it would not be taken into consideration for qualifying purposes. You also may want to be the sole person on the loan if her credit is not so good as yours.

No problem adding her to the Title, if that is what you want to do, once the transaction closes.
  • January 16 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Usually unemployment benefits cannot be used as income. Is that what you're asking? It sounds like she needs to be on the loan to make it work, is that correct?

  • January 16 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Outer Banks N C
I believe anyone can sign as a co-signer, the issue will be how much does their credit add to sway the lender to issue the loan. Only the lender can answer that, a co-signer with bad credit is not much help.

tim
  • January 16 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.