Question
Cosigner for a house loan?
We sold our home 17 months ago and moved outa state due to a new job for hubbie . problem is ( a old Business partner and him parted ways with old Business venture gone bad) and made our credit awful ( we've been renting for 17 months and on time ) and was wondering if his parents co signed for us for a house would that help ? since he makes wonderful money but rotten credit is it worth trying? ive owned houses and so has he we've never had some one co sign for us so we don't know thanks !! and yes we know our credit scores don't ask eck and were trying to fix it but tired of renting for 2,500 a month his parents offered were 50 and not children and bring them into a mess thanks for such a nasty tude sweetie hope you have a great day seems you need one we make 225k a year we can afford a house and we have 24,000 for a down payment from our old house . just because i ask a simple question i get slamed?? if you answer all of posting like this im sure you have issues you have a good one darlings !
7 months ago - 5 answers
Best Answer
Chosen by Asker
You did not indicate how bad your credit was, n or did you indicate your credit scores. In your case I am sure your parents would be willing to co-sign for a loan with you, but they would be liable and responsible for the mortgage in the event you for some reason could not or would not make the payments. In your case I probably would not have a problem with your parents co-signing with you. I would suggest that you might consider a FHA mortgage as the criteria might be more to your favor than a conventional mortgage.See if you are able to get pre-approved on your own. If not then you can always bring the parents in to do this co-signing. The loan limits for FHA have been increased so you might buy more house using a FHA mortgage loan. There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy. This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage. I hope this has been of some use to you, good luck. "FIGHT ON"
7 months ago
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Other Answers
I would suggest you go to a bank to get a pre approval. You may not need a co-signer but when you get pre-approved they will let you know. When I was looking to purchase a home I thought I was going to need a co-signer but it turned out I didn't
by Melissa F- 7 months ago
if you have a job then it is worth trying. His scores if a borrower on the loan will come into play no matter what. If his and your scores are over 620 then it is a go
by golferwhoworks- 7 months ago
Please do not drag parents into your mess!!!! This is only going to cause resentment among all of you, especially the parents. They have raised him the best they knew how so let them live in peace. You should have been doing a lease/purchase type agreement for a house. You might could have done some owner financed property also. This way, it would not have been just throwing money away on rent. You could have rented a place for a lesser amount and saved your money for a larger down payment to obtain financing. Solve this on your own and leave the parents out of it for the good of everyone involved. Credit problems can be overcome with time on your own. Try one of the scenarios listed above and please, make going to the parents a last resort not the first!!!! Good luck. Also be more mindful of the character of people you are dealing with before getting into a business or some type deal with anyone else. Make sure that they have the same or very close to it, qualities that you do. Make sure that you are both thinking in the same way and have the same capabilites, ie. education, beliefs, etc. This goes for business as well as personal relationships. Nothing in life is guaranteed, but this should drastically cut down on things like this happening in your future. Hold yourself and the people you chose to deal with to a higher standard. Learn from your own mistakes and then apply the learning. Leave the parents out of your mess!!!!
by bamacat- 7 months ago
If your scores are bad enough then even a cosignor will not help. Remember when the parents cosign if you can not make the payments then YOU ruin their credit too. Added You go bamacat!!!!! Agree 125%
by katherine- 7 months ago