2006-09-09 12:56:46 · 11 answers · asked by Tony M. 1 in Business & Finance ➔ Renting & Real Estate
Not unless it's William Gates III or maybe a Walton....
2006-09-09 13:03:06 · answer #1 · answered by Screwball 4 · 0⤊ 0⤋
I don't think so. There is no "co signer" per say on real estate mortgages. There can be more than one person on the loan who is responsible for the loan but and, ultimately, must pay for the loan. If you default, everyone defaults. You could call it a cosigner, but it's not like a car purchase. As someone else said, the additional buyer must have credit sufficient to purchase the home, and enough income to cover the payments (they give loans to people with a credit score as low as 500 nowdays). If it's a husband and wife or two people buying together, the person with the best credit could be rated. Quite honestly, it depends upon the lender too. Each lender has different requirements, some more stringent than others, some way less stringent. If you're thinking someone is going to cosign for you, in order to get the best interest rate (pending they have acceptable to great credit), why not have them buy the property and you do a subject to the existing loan? And, how bad can your credit be? There are loans for people with credit scores as low as 500, so it shouldn't be that hard to find a loan - although you wouldn't be able to do a 100% or 105% loan.
If you need a loan, let me know. I'm a realtor and loan officer in California but can secure loans in most states.
2006-09-09 14:52:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If your credit is not sufficient to procure the loan and a co-signer is willing to co-sign, then the lender will determine that person's credit worthiness including their credit score. If that person is found worthy then you will receive the loan as they now consider your co-signer to be as fully liable as you. Meaning the lender now has two people equally responsible for the loan so that if you don't pay, the lender will seek payment from the co-signer.
2006-09-09 13:17:15 · answer #3 · answered by Jim 3 · 0⤊ 0⤋
It depends on the credit of the co-signer and exactly how bad your credit is. Talk to a loan officer.
2006-09-09 13:02:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Hmm that really is a good question. I am wondering that myself. I think if you have bad credit, its better than having no credit. So I am thinking if you have a person to be a co-signer, then it should be just as good. No guarantees, but thats what I've got
2006-09-09 13:03:35 · answer #5 · answered by pink_avocado 2 · 0⤊ 0⤋
Very few people have enough left over on their debt to income ratio to be much help in real estate loans. Nor do they do anything to help your score, which is what is determining the loan you are offered. Furthermore, if they make more than you, now they become the primary borrower, and the loan may become an investment property loan, so you may need a larger down payment (nobody does 100% investment property loans).
Real estate cosigners usually aren't worth the time it takes to do their application.
2006-09-09 15:44:54 · answer #6 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
No, sometimes a non occupant co borrower causes more restrictions. There are loan programs for less than perfect credit. What kind of credit problems are you talking about?
2006-09-09 13:20:41 · answer #7 · answered by JS 1 · 0⤊ 0⤋
Who would be stupid enough to co-sign for someone who won't pay his bills ??? I suggest you read Dave Ramsey's book The Total Money Makeover at www.daveramsey.com
Learn how to budget your money and when the right time to buy a house is. Good Luck
2006-09-09 13:03:59 · answer #8 · answered by snvffy 7 · 2⤊ 0⤋
Maybe. But if you are a bad credit, who will want to sign for you?
2006-09-09 13:04:36 · answer #9 · answered by sheeny 6 · 0⤊ 0⤋
Could be tough but if your cosigner has money they are guarenteing you will pay.
2006-09-09 13:02:15 · answer #10 · answered by erinjl123456 6 · 0⤊ 0⤋