Posted on: 10th Mar, 2009 01:22 pm
hi
I was wondering if one could purchase a home on ssi income with a cosigner who has had a foreclose or not.
thx....st
I was wondering if one could purchase a home on ssi income with a cosigner who has had a foreclose or not.
thx....st
social security income is perfectly okay for obtaining a mortgage. a foreclosure on someone's record is generally not okay, but that will depend on how long ago the foreclosure took place.
i am online now too
I have my dad, he is in supplemental security income based on his age, he would like to help me obtaining a loan but he is worried this can affect his ssi.
Honestly, I am NOT a fan of using a co-signer. Those situations often result in something bad happening. They all start out with good intentions and then things turn sour. The bottom line is if you cannot qualify with your own income then you probably cannot make the payments either.
i certainly can't disagree with you eric. i've seen people lose their homes due to being a cosigner. there are also, of course, thousands of stories of people having cosigned whose credit reports now look shabby as a result of someone else's failure to pay a debt.