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cosign

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reyti81 Joined: 21 Feb 2011 Posts: 2 1.50 Dollars($)	Posted: Mon Feb 21, 2011 4:33 pm    Post subject: cosign Like 0 Dislike 0 My wife and I are planning to buy a house. Since I'm already retired and just have a part time job, we can only borrow a maximum of $100,000. I asked my son and daughter-in-law to cosign and they agreed, so we can get a higher loan. The bank loan officer said that we can only be in FHA program since my son and daughter-in-law will not be living with us. On top of the monthly mortgage, we need to pay an extra $100.00 each month, even though we are planning to put a down payment of more than 20%. I thought FHA programs are for only those people who can't afford the 20% down? Please help...thanks
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon Feb 21, 2011 8:38 pm    Post subject: Like 0 Dislike 0 Welcome reyti, In case of FHA loans, you can pay a down payment of 3.5% - 5%. However, you will be liable for paying mortgage insurance premium (MIP). As far as I know, the MIP is irrespective of the down payment that you pay to the lender. _________________ Procrastination is the enemy of your financial success
reyti81 Joined: 21 Feb 2011 Posts: 2 1.50 Dollars($)	Posted: Mon Feb 21, 2011 10:37 pm    Post subject: Like 0 Dislike 0 my question was, do i really need to pay the extra $ each month just because my son and daughter-in-law are my cosigners? That was the bank loan officer told us, we need to pay for that extra $100.00 each month for one reason only, my son and daughter-in-law are the cosigners.

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