Profile picture for user30326528

i currently own a home using VA Loan, my question is, can i co-sign for someone wants to buy a home?

  • February 13 2013 - Moreno Valley
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Answers (3)

Profile picture for wetdawgs
When you co-sign, you are telling the lender that if the other party fails to pay in any manner you are 100% responsible for the mortgage payments, penalties etc etc.  Your credit report will reflect this as your debt.  If they fail to pay, your score will plummet and you may not even know about it until it is too late.

So, yes, you can if your income is sufficient.   Most co-signers regret the decision over the next few years, do you really wish to do this to yourself?

Help the party who wishes to purchase.  Help them learn how to save a down payment, how to improve their credit score etc. purchase within their own buying power.   Let them be independent.  



  • February 13 2013
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Profile picture for Ofe Polack
It all depends on the plans you have for your life.  Co-signing with somebody else will impact on your future credit. 
  • February 13 2013
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It will depend. Talk to a lender and give them your financial details and they will let you.

Just something to remember. There is a reason someone else wont give them a loan. Over 75% of all loans that are co-signed end up being paid by the person who does the co-signing. 

And every one of those 75% said "yea but that wont happen here."

I wish you the best in whatever you decide, but just remember that... So I would call the lender who did your loan if you are happy with them and ask them about your specific situation. 
  • February 13 2013
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