Posted on: 10th Jul, 2010 03:27 pm
We are in the process of a short sale on our home. We are looking to purchase a house again right away with my brother in law who has excellent credit, income and job history. We also have plenty of income and job stability. The problem with us is the credit issue. The property will be occupied by all of us. My question is, will a lender allow my brother and law and us to purchase together? He as borrower and us as co-borrowers? Thanks for any input.
PS..We are in California. Not sure if that makes a difference or not :)
PS..We are in California. Not sure if that makes a difference or not :)
Hi Jackie P
Welcome to mortgagefit
"will a lender allow my brother and law and us to purchase together?"
Co-borrower and Co-signer are two different terms.Co-borrower does have responsibility of paying the mortgage dues as well as share in the property whereas Co-Signer is only responsible for paying the mortgage and is not liable for equity stake in the property.
Now if mortgage lender won't allow your brother in law to be a co-borrower then you can ask them (lender) to consider your brother in law as co-signer.
keep in touch.......
:arrow: :arrow: :arrow:
Welcome to mortgagefit
"will a lender allow my brother and law and us to purchase together?"
Co-borrower and Co-signer are two different terms.Co-borrower does have responsibility of paying the mortgage dues as well as share in the property whereas Co-Signer is only responsible for paying the mortgage and is not liable for equity stake in the property.
Now if mortgage lender won't allow your brother in law to be a co-borrower then you can ask them (lender) to consider your brother in law as co-signer.
keep in touch.......
:arrow: :arrow: :arrow: