Can a home loan have some one co-sign it? Just wondering.
You can have more than one person on a mortgage, if that’s what you’re asking. My wife and I are both on our mortgage and they looked at both of our credit scores and the sums of our assets and liaibilities when we applied.
Yes you can have another party on the application even though they are not on the deed, if that is what you’r asking.
No diet Dr. Pepper does not taste more like regular Dr. Pepper, if that’s what you’re asking.
Yes it tastes great, but its less filling, if thats what you’re implying.
yes, but never never have your girlfriend or a friend go in with you on a house. If you ever break up or the friend has a falling out, guess what… they own half your house!
LOL
I only say this cause one of my cousins went in on the lease with their girlfriend, and he paid 75% of the house yet they are in court and the judge said “it doesnt say percentages, just that both of you own it. It is 50% yours, equally… you owe her half”
They didnt even get married.
/rant
Yeah that was pretty stupid on his part.
but I’m sure they were in love and planning on getting married some day and that’s what matters right? lol…
Heh. Granted there’s no such thing as a sure bet, but if the girl doesn’t have a ring on her finger the risk is high enough that you better have your paperwork straight.
EVEN IF she has a ring, you still need your paperwork straight…
Naw I just opted to go in broke. Much less paperwork. :lol:
Wow did this get off topic. HAHA. My WIFE and I are looking into getting our first home by the end of this year. My dad mentioned helping us out by co-signing a home loan to try and lower the interest and make it easier to get the loan similiar to getting a car, but he and I don’t even know if you can do that for a home loan. so I thought I would just ask quickly if anyone here had some experience.
PS: Diet Dr. Pepper tastes like ass.
yes, your dad can co-sign.
.
I have seen up to 5 people on a rez mortgage.
Does it help in obtaining the loan and/or lowering the interest rate?
Assuming their credit file is better then yours, yes. It is additional income, and an additional individual to come after if the loan defaults.
Does it help get the loan quicker? Hell no, it adds to the underwriting procedure… anywhere from a couple days to a week or so.
If thats what you’re asking.
If you are going in with your lady, and you plan on getting married down the road, then here is what I did.
Bought the first house in my name, with my credit.
This way the next one goes in her name, and we both get first time buyer benefits.
I have a 760 credit score, and just got a 30 year fixed 5.5% SONYMA loan with a $5000 cash grant.
just so you know, credit only plays a minor role in landing a mortgage. i have some pretty bad credit (around 500 FICO score) and i landed a mortgage at the going rate. they are looking at your income more than anything. at worse they may ask you to put a little down on the house.
not anymore… you better have at least a 620 fico to got a decent mortgage now… sub prime loans are NOT going to happen easily…
i got mine 4 months ago…