I was hoping to have my father co-sign a home loan (maybe) and was wondering if this is even possible.
2007-03-06 02:33:16 · 16 answers · asked by jamie v 1 in Business & Finance ➔ Renting & Real Estate
Yes.
2007-03-06 02:41:00 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It's possible but seldom wise. The co-signer has equal liability for the loan. If the principle defaults the co-signer has to make the payments. Some lenders may make the co-signer put up collateral equal to the loan. This effectively freezes the assets of the co-signer and may deprive him from borrowing against his own equity.
2007-03-06 02:45:57 · answer #2 · answered by SA Writer 6 · 0⤊ 0⤋
A mortgage co-signer is a co-borrower with all of the same financial responsibilities.
Even if your father was a co-borrower you'd have to qualify for the financing on your own merit, although the qualifying ratios would be extended a bit. The exception to that is with FHA financing as they do not use the "non-occupant co-borrower" formula.
I'd be happy to answer any other questions you may have. Feel free to email me.
2007-03-06 03:05:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yep. And its very commen also. In many areas of the country it can be hard for a young couple to buy a new home. Alot of parents will end up being co-signers in the buyers lack credit history or may just need a little extra income backing.
2007-03-06 02:39:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, he can. But it's not as simple as many of the other posters have implied. He will have to qualify with you, using his credit history, income, debt ratios, etc. Talk to a few mortgage lenders. I say "a few" because you may run across some that don't know about non-occupying co-borrower loan programs. I suggest you start with Julie at
http://www.primelendingonline.com
Good luck!
Rick
http://www.fairwaymortgagelending.com
2007-03-06 02:45:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, both parties are listed as co-owners. Be very careful about asking someone to do this for you or you doing it for someone else because it will damage both parties' credit and finances if the house owner (one who lives in the house) defaults. It is much better to find a house you can afford on your own, or save up, possibly even lease to own so you can get an owner-finance arrangement. Check with your local bank for more advice. Good luck.
2007-03-06 02:38:42 · answer #6 · answered by allhisown8181 1 · 1⤊ 0⤋
$seven-hundred for area lease is absurd. The land proprietor ought to bypass out of corporation the following day and solid purchase to you rented lot. 2d, why positioned your boss and chum to the threat of your submitting financial ruin on the cellular? that's risky. Your fiend could desire to be out of Her strategies to even evaluate it. Co-signers are required with the help of a few economic establishments, verify with a credit union for which you're qualified to connect. they delivers you solid suggestion (a million) whether you have a solid deal and dazzling to go, and (2 whether you decide on a cosigner. Get you credit directly first, then start up looking around.
2016-10-02 11:38:31 · answer #7 · answered by Erika 4 · 0⤊ 0⤋
Yes...it's possible. But finding someone actually willing to do it is another thing...not too many people are hip on agreeing to take over the payment of a mortgage gone defaulted.
2007-03-06 02:36:26 · answer #8 · answered by bradxschuman 6 · 0⤊ 0⤋
Yes it certainly is. I'm a loan officer for a great company who has done this kind of thing before. E-mail me and I'll help you out.
2007-03-06 02:44:05 · answer #9 · answered by Amber J 2 · 0⤊ 0⤋
yes, especially if his credit is better or more secure income. Usually the co-signor can come off in one year if you make the mortgage payments
http://albertamortgageguy.com
2007-03-06 06:21:46 · answer #10 · answered by Anonymous · 0⤊ 0⤋