Home Buying in 14221>Question Details

househuntin, Home Buyer in Buffalo, NY

Want to buy a house- can I use co-signer in Amherst,NY??

Asked by househuntin, Buffalo, NY Tue Jul 24, 2012

My husband and I have outstanding debt from college loans that are currently being paid off- but our credit is not good. My parents have offered to co-sign for a mortgage (excellent credit, make over 600k a year) would this be do-able? Or should they take out mortgage in their name and once our credit is rebuilt, buy it from them??

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Answers

3
Hello househuntin,

Great question and thank you for posting it here. My colleagues offer some great insights. My recommendation would be to contact a handful of mortgage groups and get some direct feedback from them. They will take a look at your credit and factor in elements such as you/your parents debt/income ratios and provide you some feedback on what might be doable. It is also a nice step in the home search process to understand what your pre-qualified for and what you would need to bring to the table in terms of equity to help establish a budget for the purchase.

I would be happy to simplify the process of contacting various mortgage providers. Let me know if your interested and thanks again for posting the question.
0 votes Thank Flag Link Sat May 25, 2013
Lease-to-Own and Seller Financing may be your options if your credit is not perfect, it helps you rebuild your credit too.

Many private investors may consider it, some specialized in them.

Contact me if you have questions,

Dan
0 votes Thank Flag Link Wed Jul 25, 2012
If you haven't done so, visit with any licensed loan officer--he/she can best advise as to your options.
0 votes Thank Flag Link Wed Jul 25, 2012
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