Agent Trust Realty- Spring Hill FL, Lakewood Ranch FL

Adding A Non Occupying Co Borrower On An FHA Loan Can Get You Approved Easier

Mortgage Co-Signing – Weighing the Decision

Buy a Home Despite Mortgage Turndowns? It Is In Fact Possible!

Young Adults Face Rising Need for Co-Signers


Tampa BayYou are a newlywed couple in your late 20’s with decent jobs, respectable income, and reasonable credit.  You’ve started your search to buy a home in Tampa Bay, but when you walk into the bank to pre-qualify for a loan, to your surprise, you find out… NOT!


You’re not alone. The Federal Reserve studied the problem, and found that in the three years between 2009-2011, just 9% of youngsters between the ages of 29-34 were able to qualify for a first-time mortgage. It had been 17% only 10 years earlier.

It’s no wonder that many have sought alternative financing routes to buy a home, which is why mortgage co-signing is becoming more and more common. Yet before buying a home in Tampa Bay via this route, it’s important to have the consequences – good and bad – squarely before you.



FHA Loans In TampaThe big one is obvious: a Tampa Bay mortgage co-signing may be the only way to buy a home. Importantly, it can also help you secure a better interest rate and the lower monthly mortgage payments that entails.

Once you start making your mortgage payments regularly and on time, a co-signed mortgage can start to help you build (or rebuild) a strong credit rating.


A mortgage co-signing may help you buy a home in Tampa Bay, but it also has immediate and major impacts on both your and your co-signer’s credit. Late payments would affect your co-signer’s credit rating as well as your own. The possibility of adding extra stress to important relationships is potentially very real, since a mortgage lender will attempt to collect payments from your co-signer in the event of a default.


The bottom line?  Buying a home is a big step; if you require a co-signer to get approval for a loan in Tampa Bay, it’s important to make sure it is part of a sound long-term financial strategy.  I’m here to supply the real estate expertise that helps my clients attain their goals – so if you or your adult children are preparing to buy a home together, do contact me to schedule a sit-down to go over today’s options.

Steve Fingerman


E Loans Mortgage


NMLS# 276682

Tampa Mortgage Lenders

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