Home Buying in Queens>Question Details

Priya, Home Buyer in Queens, NY

Cosigning a loan

Asked by Priya, Queens, NY Sat Feb 9, 2013

I want to buy a house I need a cosign my brother just bought his house how long do I have to wait if I want him to cosign on my loan

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Michael Richman’s answer
Hi Priya,

The determining factor is your brother's financial situation. If it is strong enough to meet the necessary standards for co-signers, there is no reason he cannot do it now. Speak with a mortgage loan officer to find out if you qualify under the current circumstances.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
0 votes Thank Flag Link Sun Feb 10, 2013
Hi Priya. Your brother can co-sign you any time. He would be what's called a non-occupying co-borrower. I would strongly suggest that you meet with a Loan Officer and low him/her to review all your and your brother's documentation so that they can determine how much you can qualify for together. There are too many things involved for you guys to consider, that a Loan Officer can explain to you.

If you're in need of a Loan Officer, I'm always personally available to meet in one of our Queens offices. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
(516) 606-9648
2 votes Thank Flag Link Sat Feb 9, 2013
your brother can only cosign if his income qualifies. based on your question, i donot
think he will qualify to co-sign. in case you need to discuss in detail, you can call me
at 718-406-5005.
0 votes Thank Flag Link Sun Feb 10, 2013
Co-signing is a big responsibility therefore you are lucky if you have someone willing to help. For personalized answer, visit with any licensed loan officer, much will depend on credit, debt, income, etc.
0 votes Thank Flag Link Sat Feb 9, 2013
Please speak with a mortgage professional about this soon. It sounds like you are on the right track making a financial plan. A mortgage broker is the one to consult.
0 votes Thank Flag Link Sat Feb 9, 2013
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