Home Buying in 37801>Question Details

Crystal Stra…, Home Buyer in Maryville, TN

Need to cosign or not

Asked by Crystal Strange, Maryville, TN Mon Feb 11, 2013

if credit score is 710 an going up but income is only $15000 a year would it be better to put a house in my name or cosign for my son who makes$50000 a year but no good credit we think we will need at least $100000 loan.

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Sorry my phone added that last sentence!
0 votes Thank Flag Link Mon Feb 11, 2013
Hi Crystal,
You would need to talk to a mortgage professional to see if you would qualify for a loan. Good luck.
0 votes Thank Flag Link Mon Feb 11, 2013
Lenders use a debt ratio of around 40% to determine what you can be approved for. Mom can get prequalified with that good score. The current debt will determine the amount the prequalification will be for.

The sons income and debt will need to be evaluated to see if this is the better option to increase preQ amount. If he has alot of debt it may not be the best option.

Down payment is also a question in this. There are 100% mortgage options but they do have income limits.The only way to determine the best option is to let the lender give you the numbers/pros and cons of each scenario.
cons on each option.
0 votes Thank Flag Link Mon Feb 11, 2013
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