can i have a cosigner for a mortgage loan?

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So far i have only had the time to visit one bank, but this first lender i talked to said that because i have not been in my line of business for more than two years, i am only eligible for this one loan of $ 125,000 and i am not allowed to have a cosigner. does that sound right? it just seems to me that if i have not been in my line of business for more than two years, it would be even more benificial for me to have a cosigner.

4 Comments
  1. Reply
    Gerald
    February 13, 2011 at 3:13 pm

    No co-signer on a mortage… If you want a person to be a co-owner on the mortage and home title–now that would work..
    Your business has only been a short time — right now you are a bad risk for more than the $ 125K… Come back in 2 years and reapply or just take the money out of your savings account and pay cash…

  2. Reply
    Cymoney
    February 13, 2011 at 3:54 pm

    Sorry, but you can’t have a cosigner on a mortgage loan. You can have a co-borrower, but this person will also own 50% of the home. This co-borrower may also be listed in first position if they have been on their job for more than 2 years with good credit, thus making you the co-borrower.

  3. Reply
    davegsandiego
    February 13, 2011 at 4:35 pm

    wow. look at all the scam artists that answered you! you need 2 years work history to get a mortgage.

  4. Reply
    !!!
    February 13, 2011 at 5:13 pm

    Put more money down on the property or look for a new lender.

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