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Replies (8)
- wetdawgs
- Contributions:26842
You can cosign the loan with your daughter, but in the eyes of your credit report (and the lenders, of course), that makes you potentially 100% responsible for the loan should your daughter default.
Cosigning is risky. I have your daughter discuss with lenders what it takes for her to be eligible for the desired 30 y mortgage on her own and work towards that goal.
Cosigning is risky. I have your daughter discuss with lenders what it takes for her to be eligible for the desired 30 y mortgage on her own and work towards that goal.
- Cynthia White, "palmbayrealtor"
- Contributions:23
Not sure why they will only give your daughter a 7/1ARM but not a 30 year fixed. Have you spoke with other lenders if not please do so before you cosign. I know most parents want to help there kids but it is not always a good idea. Good Luck
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
You're correct Doug. Most credit unions only offer ARM programs because they portfolio their loans. If they do have a fixed program it usually isn't longer than 15 years.
As wetdawgs suggested, your daughter should consult a few mortgage brokers in your area. They are not limited to just a few programs from one source as your credit union.
Happy funding, Rudi
As wetdawgs suggested, your daughter should consult a few mortgage brokers in your area. They are not limited to just a few programs from one source as your credit union.
Happy funding, Rudi
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
Yes, this is commonly available through Freddie Mac programs (best with 20% down) and also FHA (best if less than 20% down).
These loans are securitzed and sold every day.
These loans are securitzed and sold every day.
- Mark Nehs, Wisconsin, "WI Mortgage Lender"
- Contributions:250
Limited credit history is usually still an "approvable" loan as long as no bad credit. Your daughter could likely get approved for an FHA loan by herself. Many Wisconsin credit unions do not offer FHA loans.
As was mentioned other co-sign options are available as well. You can contact me my information is here on Zillow.
As was mentioned other co-sign options are available as well. You can contact me my information is here on Zillow.
- Thomas Hall, "Tennessee Loans"
- Contributions:381
If your daughter can income qualify for the house or Condo(needs to be FHA financing eligible or a town home). Then it's possible with an FHA mortgage that she can obtain financing with limited credit history. FHA Non-Traditional Credit Underwriting Guidelines require 3 or 4(without rental history) 12 month tradelines. So if she has paid rent for 12 mos and 2 different utilities or some other installment debt for 12 mos she would be eligilbe for FHA financing.
Assuming that option is available when my kids get older that's the route I would chose. I would not recommend co-signing. i have seen too many parents burned by kids who just decided one month that they wouldn't make the payment on time. If she doesn't have 12 mos history make that a goal and have her come back in 12 mos to get a loan.
- Erik Pearson, "SpringHillHomes"
- Contributions:36
At first I was going to say co-signing, but I might add on Mr. Hall's comment and ask if it's possible for you to buy the property as a rental. Then you could let her live there and pay rent as an intermediate step, while she builds up credit and rental history.
- Harry Polemitis, "Polemitis"
- Contributions:2
Parent / Child mortgage
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