Posted on: 04th Aug, 2009 02:58 pm
My dtr. and son-in-law want to buy a modest home. They have a credit score of 722, no debt other than school loans, a $5000 downpayment, have never been late with a rent payment, but are not eligible to receive enough money because of income. Dtr. is a full-time Mom (good for her), her husband has worked up to three jobs but only claimed one (indep. contractor) -- what else would they do with English degrees? They are rock solid people (don't even have TV to save). They are 28 and 29 and realize now that the taxes should have been a bit more upfront. There is a ton of talent in his family to fix up a home - they just want "out" of a bad rental situation and to have their own little place, fix it up, sell in three or four years (they are thinking two family now), and I'd be off the mortgage.
Question: I would like to cosign so they could increase the $90,000 they have been offered to the $130,000 they would probably need. I have $70,000 equity in my house, am 62, semi-retired (thus not a lot of income) have some investments -- approximately what are the chances that my co-sign would bring them to a level where they could buy something?? I know the "co-sign" lecture, but feel this is something I could handle with these "kids".
Question: I would like to cosign so they could increase the $90,000 they have been offered to the $130,000 they would probably need. I have $70,000 equity in my house, am 62, semi-retired (thus not a lot of income) have some investments -- approximately what are the chances that my co-sign would bring them to a level where they could buy something?? I know the "co-sign" lecture, but feel this is something I could handle with these "kids".
Hi Elizabeth!
Welcome to forums!
The lender would check your financial situation before allowing you to cosign for the loan. If you satisfy the required criteria of the lender, then only you would be able to cosign for the loan. It will depend upon your credit score and income as to how much loan you would be able to get.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender would check your financial situation before allowing you to cosign for the loan. If you satisfy the required criteria of the lender, then only you would be able to cosign for the loan. It will depend upon your credit score and income as to how much loan you would be able to get.
Feel free to ask if you've further queries.
Sussane
elizabeth, even if i didn't want you to cosign for them, you've already convinced me with your sterling introduction to them. you talked me into thinking it's risk-free, so i am guessing that you feel that way as well.
and i'm not just trying to be funny up there, either. honestly, if you think they're all that, then it seems quite likely that your risk level is pretty low. and you know the ramifications, as you stated.
i think you're just looking for validation here, but there's nothing wrong with that. i don't like cosigning myself either...seen too many good things turn into bad as a result, but if you're that convinced that what you propose to do is an excellent choice, i guess i'll agree with you and say go for it.
and i'm not just trying to be funny up there, either. honestly, if you think they're all that, then it seems quite likely that your risk level is pretty low. and you know the ramifications, as you stated.
i think you're just looking for validation here, but there's nothing wrong with that. i don't like cosigning myself either...seen too many good things turn into bad as a result, but if you're that convinced that what you propose to do is an excellent choice, i guess i'll agree with you and say go for it.
