Posted on: 16th Feb, 2009 07:31 pm
I had a question, I am not able to qualify for a loan cause of my income, Can i have my cousin get the loan and i be added to the loan as a co signer or something, as they want me on the loan so i can start building credit. Any info would be great thanks!
Hi msnover!
Welcome to forums!
You can be the primary borrower of the loan and your cousin can be the co-signer. If you are unable to pay the loan or if you default, then your cousin will have to pay the loan on your behalf.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You can be the primary borrower of the loan and your cousin can be the co-signer. If you are unable to pay the loan or if you default, then your cousin will have to pay the loan on your behalf.
Feel free to ask if you have further queries.
Sussane
Hi yes but the problem is my income doesnt let me qualify for the load. But my cousin will qualify no problem. This is why im asking can he be the main borrower and i be a co sign? as my were really just trying to build up my credit?
Welcome Guest,
As the loan will be initiated in your name so you will be the primary borrower. You can ask your cousin to sign as a co-borrower which will help you in using his/her income while taking the mortgage.
As the loan will be initiated in your name so you will be the primary borrower. You can ask your cousin to sign as a co-borrower which will help you in using his/her income while taking the mortgage.
Thanks for the reply, Here is my problem. My parents gave me 50k to put down on a house cause they dont qualify due to BK. The house is approx 170-175k and will put the 50k down so i will need a loan of about 125k i only make 1600 a month but my credit is 600 with only 1 late payment. Can she co sign the loan for income purposes? Or can she be the main borrower and me be the co signer?
You will have to be the main borrower and your cousin can co-sign the loan for income purpose.
Thank you smith and adonis for your fast and clear answers. So i will just get the loan under my name and have her co sign for income purposes. Thanks!!
THE ANSWER IS MOSTLY YES DEPENDING WHATS ON YOUR CREDIT
IF YOU LIKE TO DISCUS DETAIL AND I CAN GIVE YOU A MORE PRECISE ANSWER.
DON TERRY
IF YOU LIKE TO DISCUS DETAIL AND I CAN GIVE YOU A MORE PRECISE ANSWER.
DON TERRY
Thanks terry i already got this info on another post. Thanks!!! From what i hear i can sign the loan and have a co borrower no problem with the income. Thanks