can a parent with 810 credit score co-sign for sons first home purchase mortgage? he has terrible credit
score & employment history. trying to get the 8000. tax credit for him. is it possible to get the very best loan apr rate with 20% down based on the co-signers history?
Answers (1)
FIRST ANSWER
I think they look at all borrowers' history, not just the cosigner. Having you help him like this might help, but his poor credit history will still hurt getting a loan. Perhaps they'll give you a higher rate. Have you spoken to lenders yet? Also, he's your son, but know what you're getting into. Cosigning a loan is serious business and you will be on the hook if he cannot make his payments.
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