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Regina, Other/Just Looking in New York, NY

If I own a co-op. Can I be a guarantor for my unemployed daughter?

Asked by Regina, New York, NY Tue Mar 20, 2012

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You can be a guarantor as long as you are accepted by the landlord for your daughter. What you own has nothing to do with being a guarantor. You will need excellent credit and enough income to pay her rent should she default on her lease
0 votes Thank Flag Link Tue Apr 24, 2012
Great question!

Guarantors are generally accepted if they earn at least 80 to 100 times the monthly rent. But whether a landlord will accept a tenant who is unemployed is determined on a case-by-case basis. Some might ask for rent or deposit equal to six to 12 months' rent.

Fortunately, experienced agents will know which landlords are more open to such arrangements and can help speed up the process.

Please let me know if I can be of assistance.

Best regards,

Bruno J. Navarro
Licensed Real Estate Salesperson
BOND New York Properties, LLC
1776 Broadway, 19th Floor
New York, NY 10019
212.804.8948 mobile
270.675.9195 fax
0 votes Thank Flag Link Tue Mar 20, 2012
A guarantor for what? For your daughter to rent an apartment or purchase? In a rental if allowed they may let you co/sign the lease if you can document 80x rent in annual income. They may also require several months worth of security.

In a coop, if they allow parents buying for adult children, if you qualify (25% income to debt ratio) including your housing/coop payments. However a guarantor is only someone to guarantee payments. Most coops will want the applicant to have an income.
0 votes Thank Flag Link Tue Mar 20, 2012
Mitchell Hall, Real Estate Pro in New York, NY
This would depend on the particular building. Each co-op makes their own rules. It is more common for them to allow you to be a co-purchaser rather than a guarantor. Because your daughter is unemployed, one thing they look at, which is debt to income ratio, could be a problem. They would have to look at your income and what your monthly expenses are, and then add in the payments and maintenance on this unit.
0 votes Thank Flag Link Tue Mar 20, 2012
If you show sufficient income to cover the financial requirements, then there should be no reason why you cannot act as her guarantor.

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
0 votes Thank Flag Link Tue Mar 20, 2012
Yes! But there are many things that qualify that answer. Acting as a guarantor for your daughter will depend on the requirements of the building in which she is purchasing. If you are talking about New York City, some building allow guarantors and some do not. And your income and assets will need to meet the co-ops standards. As she is unemployed, most co-op buildings will ask you to co-purchase, rather than act as guarantor, but every building is different. But there is no reason that owning your own co-op per se should prevent you from being a guarantor for your daughter.
0 votes Thank Flag Link Tue Mar 20, 2012
Yes, you can be a guarantor. The approval will depend on your financial strength etc. The same when you apply for the mortgage.
0 votes Thank Flag Link Tue Mar 20, 2012
Im sorry I worded this wrong. I own my own co-op, but my daughter would like to move out. If she applied for one of those housing lotteries and i put it in my name would it affect me. Or would it be best for her to rent from an owner and I'll be her guarantor?
0 votes Thank Flag Link Tue Mar 20, 2012
You can be a guarantor but it depends on all other elements, so you may talk to the mortgage bank. Good luck.
0 votes Thank Flag Link Tue Mar 20, 2012
You could certainly try however without a job it is unlikely you she would get a mortgage without any ability to repay. you should ask her loan officer for details.
Web Reference:
0 votes Thank Flag Link Tue Mar 20, 2012
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