Mortgage Co-signers For Buying A House
by Ed from Portland, OR, USA
Mortgage Co-signers For Buying A House: I am currently looking into buying a house. I am single and have spoken with a friend about co-signing the mortgage with me. He will not live in the house.
Is this mortgage possible and a wise move?
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The Scoop On Mortgage Co-signers For Buying A House
Dear Ed, The million dollar question! If we set up a debate on this topic, it might be lively.Is it possible to use a co-borrower to help qualify for a mortgage when buying a house?
Yes and no, because it depends on the mortgage lender and it depends on the mortgage program. Some lenders run away from allowing co-borrowers. Other lenders entertain the idea but only if the co-borrower also lives in the house. FHA mortgages, more popular after subprime mortgage loans evaporated, can be more generous toward allowing co-borrowers than other programs. It will also depend on your individual mortgage qualifications.
Important note: A co-borrower's strong credit history will usually not assist in fixing bad credit for a primary borrower.
Is it a wise move to use a co-borrower to help qualify for a mortgage when buying a house?
Maybe! Maybe not! Because depending on the state in which you live, the lender's state, and the state in which the house is located, different laws and practices exist. I suggest you consult an attorney for legal advice.
Being single or married when you are buying a house with co-borrowers can make a difference if you live in a community property state. So my advice is to seek legal advice for this question also.
Another important note: Have you considered how much you can afford without a co-borrower? My answer might surprise you. Find out why! Visit How Much in a Mortgage Can I Afford?
Best Wishes,
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