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Updated almost 9 years ago, 01/14/2016
Co Sign on 30yr Mtg for College Student
I apologize if this is in the wrong section. This is my first discussion and was unsure which section to use. I am a college student looking to purchase my first investment property. My question is, can a parent cosign on a 30 year mtg so that I can get approved? Given my lack of employment and income I would fail to qualify on my own.
@Jason Clark, yes, your parents can cosign on a mortgage for you. Not saying you'd 100% be approved, but a parent can cosign on their son's mortgage.
Great, thank you!
Although if I were advising your parents, I would advise them not to do so.
- Russell Brazil
- [email protected]
- (301) 893-4635
- Podcast Guest on Show #192
Originally posted by @Russell Brazil:
Although if I were advising your parents, I would advise them not to do so.
Can you explain your reasoning behind this please?
Originally posted by @Jason Clark:
Originally posted by @Russell Brazil:
Although if I were advising your parents, I would advise them not to do so.
Can you explain your reasoning behind this please?
They would be putting their credit history into your hands. That means you forget to pay your mortgage once, simple mistake, now you have just ruined your parents credit. I cant tell you how many times I have worked with clients buying a house who think they have perfect credit, to only find out they cosigned a loan for a family member, and then there are a bunch of late payments on their credit report they didnt know about. Happens about twice a year to me.
- Russell Brazil
- [email protected]
- (301) 893-4635
- Podcast Guest on Show #192
Originally posted by @Russell Brazil:
Originally posted by @Jason Clark:
Originally posted by @Russell Brazil:
Although if I were advising your parents, I would advise them not to do so.
Can you explain your reasoning behind this please?
They would be putting their credit history into your hands. That means you forget to pay your mortgage once, simple mistake, now you have just ruined your parents credit. I cant tell you how many times I have worked with clients buying a house who think they have perfect credit, to only find out they cosigned a loan for a family member, and then there are a bunch of late payments on their credit report they didnt know about. Happens about twice a year to me.
Those are very good points. For my situation it would be more of a partnership to get my investments started. It would not be a hands off simple cosign and forget about it by my parents. My father is a real estate developer/agent and would bring a great deal of experience to the table.