Home Buying in 32811>Question Details

Ianthe Cupid, Home Buyer in Augusta, GA

Can I have my sister co sign on a HELOC?

Asked by Ianthe Cupid, Augusta, GA Fri Jul 12, 2013

My husband and I own our home outright and we need a 10k Loan. My husband can't apply for a loan and I filled bankruptcy 3yrs ago. The bank declined me already. Can my sister co sign, her name is not on the title?

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Answers

2
Sorry but that might not be an option. Your sister need to be on the title before a lender will consider that option. Seek a hard money lender even though you might have to pay a higher interest rate. As a result, if you can pay the loan off early the interest rate will not be so bad.
0 votes Thank Flag Link Wed May 28, 2014
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It will not happen

1. she'd have to have been on title for approx. 12 mo.

2. the lender won't allow a NON occupant Co-Borrower

3. loan amount too low for most banks to even consider

4. you're only as good as your weakest link, your husband's credit. A perfect co-borrower is irrelevant

You need to look for a Private Investor, maybe a family member and offer to give them a good return on their money (8% to 10%) and mortgage on your home so they can be sure they will actually get paid back.
0 votes Thank Flag Link Sat Jul 13, 2013
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