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Answers (4)
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
Only if you plan to make the payments. There's a reason she doesn't qualify, she doesn't have enough income.
Your good credit won't offset her bad credit as the loan will still be underwritten and priced on her credit score; the sole pupose of asking you to co-sign is in order to boost the qualifying income.
Your good credit won't offset her bad credit as the loan will still be underwritten and priced on her credit score; the sole pupose of asking you to co-sign is in order to boost the qualifying income.
- Chirag Shah, "Gatewayteam"
- Contributions:12
Having additional income on a loan application is always helpful. When adding you on as a co-borrower all your income and debt will be factored into her loan ratios.
Since you would not be living there I would highly encourage you to ask your daughters lender if they allow non-occupying co-borrowers for her specific loan program. Some programs do not allow non-occupying borrower.
- wetdawgs
- Contributions:26833
Co-signing will add your income (and debts) to hers so that the probability of you two together being approved increases. Of course, then if she defaults it is your responsibility to pay the entire thing and it will affect your credit.
If she can't qualify on her own, she shouldn't be thinking about buying the property. There is a reason for the debt limits and income limits on mortgage loans.
Please don't do it if you value your retirement and your relationship with your daughter.
If you do co-sign, get legal protection (such as your name on the deed).
If she can't qualify on her own, she shouldn't be thinking about buying the property. There is a reason for the debt limits and income limits on mortgage loans.
Please don't do it if you value your retirement and your relationship with your daughter.
If you do co-sign, get legal protection (such as your name on the deed).
If you were to co sign for your daughter, the lender will include any debt obligation that you have on a monthly basis along with your daughter. They will then look at your credit score along with you daughter and your reserves, such as a 401k account, checking, savings, etc. After doing so, they will calculate your debt to income ratios. They do this by looking at your monthly debt obligations and income for both. If you debt to income ratios fall inline with what is acceptable then your daughter has a great chance of becoming approved. Hope this helps!
My daughter wants me to co-sign her mortgage. Will that help her get approved?
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