All Forum Posts by: Cameron Wutzke

Quote from @Ben Shelbourne:

@Zach Wain They might have added a co-borrower with better credit to get a DU approval by spreading the risk out. Wouldn't help with pricing like you said but might have given them DU approval.

@Cameron Wutzke you can still qualify as a first time home buyer. The rule of a first time home buyer is, if you have not owned, co-signed or held title on a property for 3 years of more, you can qualify for first tome home buyer programs again. If you are still on the mortgage then ask your parents to refi your name off so you can start the count down.

If you want to go through the details of their mortgage I can present what options you have.

 Hey Ben, 

Appreciate the guidance. The more I learn about this situation, her parents had no clue what they were doing and the doors they were closing by pressuring her to co-sign. 

She is mortgage liable. Thankfully her parents have never missed a payment and are financially responsible

Quote from @Zach Wain:

You can have more than 1 FHA loan at a time with exceptions. Cosigning being one of them. But yes, that was a bad idea. That is now your monthly debt. If you can document your parents have made the past 12 mortgage payments some lenders may allow you to omit the debt.

The scenario sounds odd because adding a person with higher credit scores does not improve pricing, its always based on the borrower with the lowest scores (not always, maybe 99% of the time).  Did you add income as well?

I appreciate the input. I got some more details. Yes, her income was added, although it was only $10k. I guess her family was on the cusp for loan approval and needed her to co-sign to bump up the amount borrowed. 

For example, they needed $530, but could only secure $500 without her. 

This whole situation is very strange and I feel bad her parents pressured her into a situation which limit future options

If any of your properties are enrolled in Minneapolis’ 4D program, I would love to hear your experience. The fact the property is locked in for 10 years across new owners intimidates me. I had negative experience with low income renters in the past, fresh data points to expand my mind are much appreciated

1) how has your experience been finding tenants? Quality of tenants?

2) is there a way to back out?

3) are you concerned about a negative impact on property ability to sell while locked into this program? 

Quote from @Bruce Runn:

You can get out by paying back the discount, just reach out to the 4D team and talk it through

Are you speaking from experience? If so, I’m curious to hear more. From my reading from the 4D FAQ, there is not option to back out of the program. Even if you do, a minimum of 20% of units must remain in the program. I’m in a similar situation here, the property is tied into the program even through new owner

How has your experience been with finding renters, and the quality of renters? 

Quote from @Kunal Lakhwani:

@Bruce Runn do you happen to know someone who can help understand the benefits and how to take advantage of them?

I am super interested what happened here. I am in a similar situation- hoping to learn from your wisdoms 

Hey BP community!

My friend is in this situation, wanted me to ask the forums about it:

When my parents bought a house many years ago, they made me co-sign because my credit score was higher than theirs. Ethics of this aside, would this prevent me from doing a first time homebuyer loan? 

Would love your thoughts. 

Hey!

how did you feel right after you bought your first property? Just signed on my first duplex and wow what a thrill. An addicting mix of adrenaline, dopamine, and fear of the unknown ahead.

Anyways, excited to join this community and make my first steps.

My name is Cameron, I’m an electrical engineer selling semiconductors. Excited to try house hacking, and reading way too much about real estate as I tend to do with everything in life! Nice to meet you