Posted on: 09th Jan, 2011 08:18 am
My parents own there home but no longer work, they have great credit. Can they co sign for me.
Hi hjackson,
It will be the lender's discretion whether or not he will allow your parents to cosign for you. You should have a word with the lender in this regard.
Thanks
It will be the lender's discretion whether or not he will allow your parents to cosign for you. You should have a word with the lender in this regard.
Thanks
You realize, in told...
Yes they can but, what's the reason for them to co-sign? Are they adding income to the transaction or assets to the transaction?
Co-signors can add income, assets, or (via assets/gift) down payment to a loan. The one thing that they cannot do is add credit. That's the only element where the actual borrower needs to stand on their own.
What are you trying to accomplish?
What are you trying to accomplish?