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Co-signing in NYC

My parents have agreed to co-sign for a two family home that I and my spouse would not be able to afford currently (she just returned to work); they understand the issues that go along with this.  The house is less than a mile away from my parents' home. I was told by the bank my parents would have to live with me and move all their mail to the new home if they co-signed; I've never heard that before.  Do all banks work this way?
  • August 20 2013 - New York
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Answers (6)

You shouldn't have a problem getting the loan with your parents co-signing!

As everyone has mentioned you will be capped at 75% loan to value.  I do have an office in NYC if you would like to go over all of your options please do not hesitate to contact me at anytime!

Good Luck!
  • September 04 2013
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Profile picture for StongateMortgage

We have helped many home buyers in NYC with Non Occupying Co Borrower's so your parents would not have to move in with you.  Please private message me to discuss more.

  • August 29 2013
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Profile picture for Chris Corica
Yes, capped at 75% LTV. Good catch. Without the income to qualify on their own, their options are really limited. 
  • August 22 2013
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That is what I would suggest that is why I was asking how much down.  Perhaps, it is an overlay with most banks but if you are using a non-occupant co-borrower the max loan to value is 75% on a two unit family home.

Would that be the case with you Chris?
  • August 20 2013
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Profile picture for Chris Corica
No, that is not accurate. You should look into an FHA loan with a  Non-Occupant Co-borrower. Feel free to contact me through my profile for a no cost, no obligation mortgage rate and fee estimate. 
  • August 20 2013
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No idea if all banks work this way, what type of loan are you doing and how much are you putting down?
  • August 20 2013
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