Was just wondering if a person is already on a loan for a home as a cosigner can they be used as a cosigner for another. I already asked my realtor and he doesn't know.
2006-09-15 07:12:48 · 5 answers · asked by baby girl 2 in Business & Finance ➔ Renting & Real Estate
Certainly, although you might need to structure the loan slightly differently, like as an investment property or second home.
It's not unusual for people especially with poor credit profiles to add a parent to the loan.
What I would suggest though, more so, is that you should look to try and have the cosigner on the loan by themselves. This is a little easier and might result in a better rate and payment.
2006-09-15 08:30:43 · answer #1 · answered by starke222 4 · 0⤊ 0⤋
Yes. So long as your financial situation allows for it. Also, the guarenty may be a non-recourse loan.
2006-09-15 14:27:54 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
yes, lender would be happy to give you more money with a higher interets rate.
Housing market continues to slump though. Wait a little bit. :)
2006-09-15 16:19:36 · answer #3 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
Yes, and they can do stated income, nodoc, stated income stated assets you name it there are a ton of programs like this.
Matt
http://www.diversifiedlender.com/
2006-09-15 14:39:17 · answer #4 · answered by Matt J 3 · 0⤊ 0⤋
Yes if your debt to income ratio isn't that high.
2006-09-15 14:22:03 · answer #5 · answered by just browsin 6 · 0⤊ 0⤋