Can retired parents collect his pension from a co-signer on a mortgage?

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My father wants to help us, we bought a first house for a co-signer of the loan to us. (Yes, we understand the consequences thereof, a co-signer of the mortgage). He is retired and lives on his pension (not just collecting SS yet). Is this possible on a FHA mortgage?

  1. Reply
    May 2, 2011 at 2:41 am

    I should think so assuming he has assets adequate to cover the liabilities.

  2. Reply
    May 2, 2011 at 2:42 am

    Yes, it doesn’t matter where his income comes from if he has enough to afford the mortgage.

  3. Reply
    May 2, 2011 at 2:43 am

    If the mortgage loan bank/lender is okay with it, then they will decide. He will have to provide financial statements, of course.

  4. Reply
    Mickie K
    May 2, 2011 at 2:51 am

    As long as his credit is good, he can co-sign. Good luck with your new home.

  5. Reply
    Floyd B
    May 2, 2011 at 3:51 am

    If he was going to live with you it wouldn’t be much of a problem because his income would be added to yours to cover the mortgage.

    If he don’t have much income & not a lot of assets, only what is left over after his expenses can be considered in granting a loan.

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