They have all agreed because we believe it's a good deal. I am getting finance by the owner of the house and he has agreed that he doesn't care much who signs, the higher the score the better though (I guess bc he can charge whatever finance charges he wants).
My mom-makes a ton of money, but has a terrible credit score..500ish.
My boyfriend of 3 years-credit score of 630ish but has a minimum wage job and college student.
My dad-terrible fico and lives on SSI.
And myself, I work seasonally and go to school full time. Fico score of 550ish (I've never really had credit).
The house is only 30k and it would be paid off within 2-3 years from my trust fund.
2006-11-21 08:43:32 · 8 answers · asked by PlasticTrees 2 in Business & Finance ➔ Other - Business & Finance
My boyfriend would be my last resort. I wouldn't want things to get nasty if we broke up and he tries to take the house I paid for.
2006-11-21 08:46:52 · update #1
Your mom makes the most logical choice here. She can help you make payments if you have a rough month.
The only reason to pick your dad is if you know you can make payments by yourself and want to help him, rather than your mom build credit.
Boyfriend co-signer = bad idea.
2006-11-21 13:03:17 · answer #1 · answered by yishor 4 · 0⤊ 0⤋
Use credit wisely until you have a mortgage -get a small credit card and use regularly -pay it in full at the end of every month, This is up your credit score. Borrow money from your bank for something like maybe a new car and pay on time every month ask them to report to credit agency and they will. This will up your credit score. Dont have too many people checking your credit score as this (for some stupid reason) seems to lower your score. (I dont understand why they do that everyone asks for a credit report these days cant even rent an apt without one). If you do the two thing above for the next three years you should have good credit and get a good rate of interest for yourself. However most mortgage places will give you a loan if your credit is mostly good so try (if you are ready) after a year and see what they say.
2016-05-22 09:45:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Your mother would be the best candidate. Credit scores are not important when owner financing is involved. You can negotiate any interest terms you want, with agreement of the seller.
If you have a trust fund, you have collateral. Why not just go to a bank and get financing there? Since you have income to make payments.
2006-11-21 08:51:17 · answer #3 · answered by regerugged 7 · 0⤊ 0⤋
I'd go with your Mom. The co-signer is legally responsible for making payments if you can't. your mom sounds like the only person that is capable of doing so.
Your boyfriend and father shouldn't even qualify because theyhe do not have the werewithal to make those payments. The owner might as well have your dog sign if he's OK with the boyfriend.
2006-11-21 08:49:28 · answer #4 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
I would get the person who you trust the most. If things go bad with the boyfriend their could be problems with the house. Unless you guys are planing to get married soon. If the house is going to be in your name I would use yours.
2006-11-21 08:49:35 · answer #5 · answered by ~Genie~ 3 · 0⤊ 0⤋
i am not a pro in these kind of decisions but according to your list of choices i'd say your mom is your best choice. She is the only trustworthy person here!
2006-11-21 08:48:00 · answer #6 · answered by ahuga 2 · 1⤊ 0⤋
if i were you i would go and let yor mom do it
2006-11-21 08:48:32 · answer #7 · answered by james h 1 · 0⤊ 0⤋
GO WITH YOURSELF OR YOUR MOM
2006-11-21 08:51:39 · answer #8 · answered by ♥mee mee♥ 5 · 0⤊ 0⤋