can there be more than two names on a mtg. my daughter is a school teacher and son in law into computer job they live with us now only married and would like own place can my husband be on their mtg.
2007-10-01 08:06:34 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes, there can be more than two names on a loan. Speak to a mortgage broker you trust and explain the situation. Perhaps they can qualify on their own. A real mortgage professional should be able to assess the situation and help you move forward to reaching these goals for your daughter and son-in-law. Feel free to email me if you have further questions.
Good Luck!
2007-10-01 08:13:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Who ever has the good credit and job history is the one who gets the mortgage. Why not buy an affordable house yourself and rent it to them with part of the rent going toward a down payment? You get to take off all the breaks of being a landlord and they get to start working toward buying a house.Just make sure that EVERYTHING is in writing and that if something happens that they cant get a mortgage in 5 years or so, you can sell the house.
2007-10-01 08:15:59 · answer #2 · answered by Diane M 7 · 0⤊ 0⤋
If they are not against living in a mobile home (not an old junky trailer) go to the nicer parks in your area and look around. There are some great homes with low prices.
Also if their credit is not up to snuff then you can co-sign for them. Please talk to a financial advisor first tho because it can mess with your credit if they don't pay the mortgage on time.
Good luck.
2007-10-01 10:00:14 · answer #3 · answered by Heather R 5 · 0⤊ 0⤋
Yes, you can three, or more people if you would like on the mortgage, but all are equally responsible for repayment as a group and individually. So, if hey default, you are just as responsible. Also, they can't use just "part" of you to qualify. When you are added on, the whole "you" is added - including debt ratios, along with your credit is all considered
2007-10-01 08:15:20 · answer #4 · answered by walkinandrockin 3 · 0⤊ 0⤋
This can be pretty complicated. It will make a difference whether all owner are occupants of the property or not. Talk to a couple lenders and see what products they have available for you.
2007-10-01 08:15:17 · answer #5 · answered by Debdeb 7 · 0⤊ 0⤋
OF COURSE HE CAN!
2007-10-01 08:14:31 · answer #6 · answered by SUPER WOMAN! 2 · 0⤊ 0⤋