Real Estate Home Mortgages/buying a home with daughter with low credit score
Expert: Wade Conway - 3/3/2013
Question I would like to help my daughter purchase a townhouse in Maryland. She has the downpayment and makes 50K a year...Last year her exhusband and her went through a foreclosure due to their breakup..She is attempting to improve her credit by paying off a carloan I am cosigner on but our assumption is that her credit is damaged badly by the foreclosure. The car loan has a small balance which can easily be payed off in full at any time..What options do we have or how would you approach this situation?
Answer She cannot be on a lmortgage for 7 years if her name was in the mortgage that was foreclosed. You would have to buy it for her and have her document the payments with a good paper trail and she may be able to refinance it in 4 years after the foreclosure.
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
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