Posted on: 02nd Apr, 2009 02:03 pm
Both me and my husbands credit is just under the requirements to qualify for a loan on our own home but we have the income, and my dad is looking to buy investment property and has good credit and a down payment. Can we go into a co-ownership with our credit and with my father not living there?
hi valeriembarton,
you can surely add your dad to the title and make him a co-owner. in that case, he will have an interest in the property and can claim that in future. his name will be on the loan and in case the property is foreclosed on or there is any late payments, his credit is going to be affected. then if he wants to remove his name from the loan, you and your husband will be required to refinance in your names. thus, as your credit is 'just' under the requirement, i would suggest you to wait a little longer and build up that little bit of credit and finance in your own names.
you can surely add your dad to the title and make him a co-owner. in that case, he will have an interest in the property and can claim that in future. his name will be on the loan and in case the property is foreclosed on or there is any late payments, his credit is going to be affected. then if he wants to remove his name from the loan, you and your husband will be required to refinance in your names. thus, as your credit is 'just' under the requirement, i would suggest you to wait a little longer and build up that little bit of credit and finance in your own names.