Can I buy a home with a co-signer?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Yes. A co-signer (the loan calls them a non-occupant co-borrower) adds their income and credit to help you qualify, common when a parent helps a first-time buyer. They're equally responsible for the loan.
Conventional and FHA both allow it, though FHA prefers family. The co-signer's debts also count, so they need solid numbers. We'll model the file with and without the co-signer to see if it actually helps.
How a co-signer strengthens your file
A co-signer adds their income and credit to your loan. That can lift your approval amount or help you qualify at all. They share legal responsibility for the payment.
On conventional loans the co-signer does not need to live in the home. FHA calls this a non-occupant co-borrower. Both work well for a young buyer with thin credit.
Using a co-signer in Florida
Many parents co-sign for a first Florida home. It can turn a maybe into a yes. Just know the debt shows on their credit too.
We walk both of you through what it means before you commit. Bring both sets of documents and we will show the combined picture.