I would like to take advantage of all the programs for a first time home buyer with a poverty level income

Audrey
Home Buyer
Huntersville, NC

which I can not qualify for; however, my parents are willing to help so I dont have to rent. they have excellent credit and a more than healthy income. Can they co-sign for me and still take advantage of being a first time home owner?
Audrey

Answers (2)
Mohamed Suliman
Agent
Charlotte, NC

Depending on your income NC has a lot of first time home buyers down payment assistance programs that you may qualify for and they pretty much forgive the credit score.
first thing to do is to talk to a morgage broker to explain your situation and take a look at what you can qualify for.

Tue Aug 11 2009, 17:26
Lynn911.com Dal...
Agent
Dallas, TX
FIRST ANSWER

Mortgage broker who can review your file and parents file financial records, credit scores, debt ratio, income, employment history. Loan officer can determine if your parent can go sign what program you can qualify for. Keep in mind either you or your parents will receive annual tax benefits.

Another option where your parent purchase a home you pay them rent, at least you keep in your family investment property vs. a stranger who is getting rich off your monthly rental payments.

Web Reference: http://www.lynn911.com
Sat Jan 3 2009, 16:16

Didn’t find what you were looking for? Ask a question!

Search Advice

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

View all » 1 - 3 of 114
Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback