Profile picture for covealx

Can my sister get a mortgage for a house I want to buy, I give her down payment and all closing cost

I will buy the house from her at what she owes on mortgage when my credit score comes up.
  • May 13 2009 - Toms River
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Answers (3)

Best Answer

Profile picture for wetdawgs
The options appear to be:

1. Your sister purchase the house with some down payment assistance from you.

2.  Your sister co-sign a loan.

3.  You continue to rent while you become qualified for a mortgage.

In both cases, your sister has to be qualified for the mortgage and if you default, she is responsible for your debts.  

If she is willing to do this and trusts you, then you are very lucky.  In general, cosigning is not a good idea even with relatives and best of friends.
  • May 13 2009
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Profile picture for covealx
I am not qualified at this time, that is why I am asking if she could put it in her name until I can get a mortgage.
  • May 13 2009
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Covealx,

Your sister may be able to "co-sign" the loan/mortgage for you depending on a few factors.  If she (and you) are qualified for a mortgage, once your credit comes up; you can re-finance and remove your sister from the note.

For more information, it would be best to contact a mortgage professional.  I would be more than happy to put you in touch with someone who may help you!Good luck,Jim
  • May 13 2009
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