Posted on: 02nd Jun, 2009 10:12 am
My kid is graduating from High School today. She will be attending college next fall. I would like to help her get started in real estate investing and I am willing to be a co-signer for her. Questions:
1) Can she qualify for a FHA loan as a first time home buyer even if she will have no income in the next four years other than from me, student loans and maybe other work-study income?
2) Since I am not able to qualify as a first time home buyer, will this be a hindrance to her if I am a co-signer?
1) Can she qualify for a FHA loan as a first time home buyer even if she will have no income in the next four years other than from me, student loans and maybe other work-study income?
2) Since I am not able to qualify as a first time home buyer, will this be a hindrance to her if I am a co-signer?
jvflyer
Welcome to the forum.
1. Any borrower need to show some job history and steady income. I do tno think she will qulify for the loan.
2. if she is able to show some monthly income that will come in to play. Since you will be cosigneder thne it may disqulify her.
Welcome to the forum.
1. Any borrower need to show some job history and steady income. I do tno think she will qulify for the loan.
2. if she is able to show some monthly income that will come in to play. Since you will be cosigneder thne it may disqulify her.
Hi
A decent income and a stable employment history of 2 years are required to qualify for a loan. With no income at all, I don't think she will be able to qualify for an FHA loan even if you co-sign for her. If you co-sign on the loan, she will not qualify as a first time buyer. To avail the tax credit, both you, as a co-signer, and your daughter will have to be first time home buyers.
A decent income and a stable employment history of 2 years are required to qualify for a loan. With no income at all, I don't think she will be able to qualify for an FHA loan even if you co-sign for her. If you co-sign on the loan, she will not qualify as a first time buyer. To avail the tax credit, both you, as a co-signer, and your daughter will have to be first time home buyers.
it is definitive. your daughter isn't going to be able to be a borrower without a job (full-time) and some reasonable facsimile of income. i applaud your desire to get her involved in this sort of investment, but it would be beneficial, it appears, to wait until she's at work with a full-time job. there'd be no need to delay once that happens, as her time as a student would count towards the typical requirement that a person have a 2-year work history.
jvflyer
You are tkaing the right step in helping your daughter to get some investment done. If you thinkign the market is low and this is the right time to buy, I woudl say you have few more years and the market is still goign donw.
As of nwo you cna wait and probably by the time market really settles your daughter will have some job history and also good income to back up the loan.
Good luck and feel free to ask.
Realgeni
-Good credit is easy to achieve, as logn as you use it responsibly.
You are tkaing the right step in helping your daughter to get some investment done. If you thinkign the market is low and this is the right time to buy, I woudl say you have few more years and the market is still goign donw.
As of nwo you cna wait and probably by the time market really settles your daughter will have some job history and also good income to back up the loan.
Good luck and feel free to ask.
Realgeni
-Good credit is easy to achieve, as logn as you use it responsibly.