Profile picture for gooofycivic

i helped a friend co sign for a car?

now i want to buy a house and the lender is telling me i need 12 months of checks proving im not making the payments for that car...are all lenders like that or just certain ones....and how long does it take for it to show up on ur credit report....thanks
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July 02 2009 - Rialto
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Answers (3)

You are a good friend to take on such a risky venture. But yes all lenders will ask you for 6-12 months canceled checks from your friend showing you are not making the payment. The lender will be able to take the car paymt off your debt ratio for your home loan.
Good Luck
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July 02 2009
This is going to be the requirement for financing your new home with any lender - if your friend can provide 6 - 12 months of cancelled checks showing proof that they're making the payments and not you - the lender will not count that debt against you in your debt to income ratio.  New credit usually shows up on your credit report within 30-60 days from  opening... Hope this helps!
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July 02 2009
Profile picture for wetdawgs
Co-signing means that you are responsible for the loan if friend defaults.  Therefore, the bank is doing its job in this request (and it is a request that all lenders would make).   Perhaps you can convince the friend to refinance and get you off the loan.

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July 02 2009
 
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