Asked by W.b., Los Angeles, CA • Sat May 17, 2008
I make a decent salary and could afford the mortgage, taxes, etc. on a home for 340k. I've been on my job for more than 10 years and my credit is above average. I'm a single parent and my kids (boy & girl) still share a room and are now teenagers. I really need to move and, although I could easily afford the expenses involved in ownership (townhome) I'm told I would need a co-signer. I would have to move to the Inland Empire to find a home for less than 300k and my kids are doing well in school where I am now. I've heard of medicare liens and I'm aware that the co-signer is as liable as the main borrower. I've also been told I could always refinance the loan later - I'm expecting a decent raise in October. Should I let my Mom co-sign? She really wants to do this. She is retired and on a fixed income. Are there any benefits she would lose out on, as a property owner, because she's elderly? Would she be the co-borrower or would she be listed as a borrower?
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