Home Buying in West Haven>Question Details

Theresa, Home Buyer in New Haven, CT

Hi I have a question. My daughter and her husband just had a baby. At this point only her husband is working.

Asked by Theresa, New Haven, CT Thu Apr 24, 2008

They want to buy a condo since my daughter is not working I wanted to be a cosigner with her husband so they can get the condo. I already own a home that is my primary resident for the past 5 years. My question is would this be possible?

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As indicated by others already, the answer is yes. The best thing to do is to speak to a mortgage broker about how this can be done from a lender perspective. The legal advice cannot be understated. I have seen families blow up over misunderstandings and even mistreatments of giving family members. Understand you risks.
Web Reference: http://www.ilmct.com
0 votes Thank Flag Link Mon Apr 28, 2008

Yes, you can probably be a co-signer on the loan but have you discussed being on the deed? I would recommend you speak with your attorney regarding the best strategy for you.
Another option would be for them to explore different mortgage options with several banks and brokers. There are many programs targeted towards first time buyers or those with less money to put down such as FHA loans. If you want more infomration, feel free to contact me or visit my website at http://www.CTHomeConsultant.com
0 votes Thank Flag Link Fri Apr 25, 2008
Yes it is definately possible but I would not only talk with a mortgage professional, but also your attorney to make sure you are informed on all the ramifications of co-signing a mortgage.
0 votes Thank Flag Link Fri Apr 25, 2008
Talk to to a mortgage broker. It is definitely possible. You would need to evaluate all options.
0 votes Thank Flag Link Fri Apr 25, 2008
It sure is. You really need to talk to a mortgage professional to make sure your both qualified. Mortgages have definitely tightened up so make sure you talk to someone reputable. Call me if you need a referral.
Web Reference: Http://www.carlguild.com
0 votes Thank Flag Link Thu Apr 24, 2008
Anything is possible, but it will depend on a lot of factors. You should talk to a good loan officer who can get your specific information and tell you exactly what you can qualify for, either just the two of you, or with a co-signer. No one will be able to tell you anything definitively without getting your income info and credit reports.
If you would like some names of loan officers, contact me. I have worked with a few really good ones over the years.
0 votes Thank Flag Link Thu Apr 24, 2008
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