Posted on: 29th Jan, 2010 11:15 am
i have no/bad credit. is it legal for a family member to purchase a home with MY money and HER credit, and somehow protect herself legally while allowing me to assume financial responsibility and ownership once the loan has gone through?
hi,
if your grandmother's income is not sufficient, someone can co-sign to help her for a mortgage. but since you have bad credit, you will not be able to co-sign and your grandmother cannot use your income to qualify for the loan.
if your grandmother wants to transfer the property after getting the loan, she will have to take permission from her lender. if she wants to transfer it to you, the lender is most likely to ask you to refinance to pay them off in full and until you improve your credit, you cannot qualify for the refinance.
if your grandmother's income is not sufficient, someone can co-sign to help her for a mortgage. but since you have bad credit, you will not be able to co-sign and your grandmother cannot use your income to qualify for the loan.
if your grandmother wants to transfer the property after getting the loan, she will have to take permission from her lender. if she wants to transfer it to you, the lender is most likely to ask you to refinance to pay them off in full and until you improve your credit, you cannot qualify for the refinance.