Zillow Advice: Home Buying - i helped a friend co sign for a car?

You are a good friend to ...

Thu, 02 Jul 2009 21:50:00 GMT

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

This is going to be the requirement ...

Thu, 02 Jul 2009 18:09:00 GMT

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!

Co-signing means that you ...

Thu, 02 Jul 2009 18:02:00 GMT

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.