Buying or Selling a Home/co-signers

Advertisement


Question
Are co-signers ever used or accepted on a home mortgage loan?  We have great steady income, equity in a partnership business, but don't have great credit.  Never had a bankruptcy just slow pay.  Been current for about 6 months, very little debt, only 1 car loan about 10K, all credit cards are paid down to only about $25.00, but our score is still low.  Our parents are willing to help, they both own their home outright.

Answer
Absolutely, this happens all the time.  Call a mortgage broker for your options.  Make sure you discuss in detail with your parents what would happen in different scenarios, i.e. death, loss of job, foreclosure, selling at a profit, etc.

Best,
Lori Frankfort

Buying or Selling a Home

All Answers


Answers by Expert:


Ask Experts

Volunteer


Lori Frankfort

Expertise

I can answer questions pertaining to buying or selling single-family residences in Southern California.

Experience

I am a licensed Real Estate Broker, Realtor, and Accredited Buyer's Representative.

Organizations
National Association of Realtors, Beverly Hills / Greater Los Angeles Assocation of Realtors

Education/Credentials
Broker's license

©2012 About.com, a part of The New York Times Company. All rights reserved.