How much will cosigning on a home loan for my parents affect me?

Answers:7   |   LastUpdateAt:2012-11-02 03:37:02  

Question
shakela
Asked at 2012-08-13 03:42:03
My parents are waiting to buy a house for $ 56,500 with ten percent less. My dad works , but my mom does not. He has a very good credit but are not sure if he will only be accepted . They will try to get a loan at my bank I know everyone there and I have a decent credit score (790). I'm afraid not cosign because it will not pay but because they know how it will affect me when they move away and try to get an apartment. In addition , I recently bought a new car and have a small student loan. I'd love to help and I hope they will get the loan on their own, but how will it affect me if I do get to have to help them? They own a house, but is now literally falling apart. They have no debt except for the monthly bills and pay just a used vehicle. Any advice ?
Answer1keeseAnswered at 2012-08-13 08:41:39
CO NO SIGN FOR ANYONE! NEVER ! That co-owner if required. But not only co sign.
Answer2AndiAnswered at 2012-08-16 02:49:02
If the co - sign the loan, which will affect you as if you took out the loan itself.

The debt will be included in your debt to income ratio , making it impossible for you to refinance your mortgage each time itself .

The monthly payment will be held against you , driving your credit score down and preventing you from receiving any type of loan.

If you miss a payment , it will show on your credit report.

If they get a foreclosure , it will show on your credit report.

There is absolutely no separation of the loan once you put your name on it , its 100 % corresponds to the signing of the loan that the principal debtor.

Do not. If your parents can afford the house, which can be approved without your help. If you can not be approved , no you can afford it and is doing a favor to keep digging themselves into a hole. CoSign NEVER TO ANYONE, EVER! ! ! !
Answer3hena(online)Answered at 2012-08-18 21:04:03
Since credit scores are a way to see if you can get loans and do business, fictitious Hey , these are your parents, do not go up to be selfish . You know what to do.
Answer4terrieAnswered at 2012-08-21 13:41:03
100% concerning him. Like a marriage MedlinePlus . If something goes wrong and can not afford , etc ... you are in serious trouble. MedlinePlus You have worked very hard to get a good credit score . Believe me ... once it 's gone, it 's gone. MedlinePlus Not that the cause of the old days " now entrepreneurs , etc are now reviewing your credit report to determine who you are ... if you are responsible . Yeah , many companies judge you for it.
Answer5tinkyAnswered at 2012-08-21 17:54:04
He just needs a credit score of 580 to get an FHA loan . And 80K is the normal amount provided by a low income single person . But if you do co - sign, if they are late or do not pay , they will ruin your credit. You can also make it difficult for you to get more credit since you already have a lot of credit in your name . Like if you want to buy your own place before paying your home .
Answer6ciaraAnswered at 2012-08-24 13:41:08
A great deal
Related Questions
1
  • Answer This Question:How much will cosigning on a home loan for my parents affect me?