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Quit Claim Deed vs Co-Signing?

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Javier_Pvn Joined: 10 Nov 2009 Posts: 1 1.33 Dollars($)	Posted: Tue Nov 10, 2009 7:07 am    Post subject: Quit Claim Deed vs Co-Signing? Like 0 Dislike 0 Hello, My brother wants to buy a home, his credit is average but he does have a large amount of money saved, enough for a down payment and enough money saved to make payments for at least 3 to 4 years and I have no doubts in him being able to make the mortgage payments. Now my question is What would be an easier process me Co-Signing for him or me purchasing the home and adding him to the deed, since his credit score is a 626 just average at this point? This is something I do not mind doing at all so just want to help him out to make it an easier process.
sara Moderator Joined: 05 Jul 2006 Posts: 2645 Location: New Brunswick, New Jersey 488.43 Dollars($)	Posted: Wed Nov 11, 2009 1:36 am    Post subject: Like 0 Dislike 0 Hi Javier_Pvn, With a credit score of 626, your brother would be able to get a FHA loan easily. In that case, you do not need to be the co-signer for the loan. If he wants a conventional mortgage and if you have a good credit (more than 700), then you can co-sign for him. Later on, when your brother's credit score improves, he can refinance the mortgage in his name. Take care.

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