World's Largest Mortgage Community

Mortgage Loan

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
msnover92571 Joined: 10 Feb 2009 Posts: 145 Location: California 0.45 Dollars($)	Posted: Mon Feb 16, 2009 8:31 pm    Post subject: Mortgage Loan I had a question, I am not able to qualify for a loan cause of my income, Can i have my cousin get the loan and i be added to the loan as a co signer or something, as they want me on the loan so i can start building credit. Any info would be great thanks!
smithsussane Joined: 18 Sep 2008 Posts: 3738 Location: Alaska 561.45 Dollars($)	Posted: Mon Feb 16, 2009 9:56 pm    Post subject: Hi msnover! Welcome to forums! You can be the primary borrower of the loan and your cousin can be the co-signer. If you are unable to pay the loan or if you default, then your cousin will have to pay the loan on your behalf. Feel free to ask if you have further queries. Sussane
Guest	Posted: Mon Feb 16, 2009 10:02 pm    Post subject: Hi yes but the problem is my income doesnt let me qualify for the load. But my cousin will qualify no problem. This is why im asking can he be the main borrower and i be a co sign? as my were really just trying to build up my credit?
adonis Joined: 22 Oct 2005 Posts: 3852 Location: ALASKA 120.89 Dollars($)	Posted: Tue Feb 17, 2009 12:41 am    Post subject: Welcome Guest, As the loan will be initiated in your name so you will be the primary borrower. You can ask your cousin to sign as a co-borrower which will help you in using his/her income while taking the mortgage. _________________ Procrastination is the enemy of your financial sucess
msnover92571 Joined: 10 Feb 2009 Posts: 145 Location: California 0.45 Dollars($)	Posted: Tue Feb 17, 2009 8:19 am    Post subject: Thanks for the reply, Here is my problem. My parents gave me 50k to put down on a house cause they dont qualify due to BK. The house is approx 170-175k and will put the 50k down so i will need a loan of about 125k i only make 1600 a month but my credit is 600 with only 1 late payment. Can she co sign the loan for income purposes? Or can she be the main borrower and me be the co signer?
adonis Joined: 22 Oct 2005 Posts: 3852 Location: ALASKA 120.89 Dollars($)	Posted: Wed Feb 18, 2009 12:44 am    Post subject: You will have to be the main borrower and your cousin can co-sign the loan for income purpose. _________________ Procrastination is the enemy of your financial sucess
msnover92571 Joined: 10 Feb 2009 Posts: 145 Location: California 0.45 Dollars($)	Posted: Wed Feb 18, 2009 8:10 am    Post subject: Thank you smith and adonis for your fast and clear answers. So i will just get the loan under my name and have her co sign for income purposes. Thanks!!
donaldterry Joined: 22 Feb 2009 Posts: 6 3.46 Dollars($)	Posted: Sun Feb 22, 2009 8:59 am    Post subject: THE ANSWER IS MOSTLY YES DEPENDING WHATS ON YOUR CREDIT IF YOU LIKE TO DISCUS DETAIL AND I CAN GIVE YOU A MORE PRECISE ANSWER. DON TERRY
msnover92571 Joined: 10 Feb 2009 Posts: 145 Location: California 0.45 Dollars($)	Posted: Sun Feb 22, 2009 11:44 am    Post subject: Thanks terry i already got this info on another post. Thanks!!! From what i hear i can sign the loan and have a co borrower no problem with the income. Thanks

Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0