Mortgage with Co-signer?

[Teddy]

Does anyone know if it's easier/possible to get a mortgage if you have a co-signer?

We want to get a house from husbands friend, friend said he'd talk to the bank about him co-signing on it. (He's got tons of money and has connections at the bank.)

I wonder if he did co-sign, would we still have super high rates if the bank would even do the loan?

anyone know? Thanks!

[krielly]

Only the bank can answer that one......but.......no one will even consider this until AFTER discharge..........

[bkdone]

Does anyone know if it's easier/possible to get a mortgage if you have a co-signer?

We want to get a house from husbands friend, friend said he'd talk to the bank about him co-signing on it. (He's got tons of money and has connections at the bank.)

I wonder if he did co-sign, would we still have super high rates if the bank would even do the loan?

anyone know? Thanks!

Could the friend just carry the mortgage note, since he's got lots of money?

[MTG_BANKER_OH]

Does anyone know if it's easier/possible to get a mortgage if you have a co-signer?

We want to get a house from husbands friend, friend said he'd talk to the bank about him co-signing on it. (He's got tons of money and has connections at the bank.)

I wonder if he did co-sign, would we still have super high rates if the bank would even do the loan?

anyone know? Thanks!

Most lenders will not use a cosigner. FHA will allow a cosigner but you are going to need to e at least 1 year out more then likely 2 years out. Then you probably would not need a cosigner.

[Teddy]

Thanks.

I don't think the friend is real keen on holding the note. You mean us just pay him, right? That was what I was hoping he'd do. He still might when he finds out we cannot get a mortgage.

Thanks, Nick - I had no idea since this guy has millions what the bank would do. I would prefer to wait and get our own loan, so I'm hoping the guy will take payments for a couple years.

[MTG_BANKER_OH]

Thanks.

I don't think the friend is real keen on holding the note. You mean us just pay him, right? That was what I was hoping he'd do. He still might when he finds out we cannot get a mortgage.

Thanks, Nick - I had no idea since this guy has millions what the bank would do. I would prefer to wait and get our own loan, so I'm hoping the guy will take payments for a couple years.

You never know if it is a local small bank they have different underwriting standards. But I do not think the chances are real good unless you personally have a good amount invested.

[bkdone]

Thanks.

I don't think the friend is real keen on holding the note. You mean us just pay him, right? That was what I was hoping he'd do. He still might when he finds out we cannot get a mortgage.

Thanks, Nick - I had no idea since this guy has millions what the bank would do. I would prefer to wait and get our own loan, so I'm hoping the guy will take payments for a couple years.

Yeah...do it the legal and binding way though...with a contract and interest..the whole 9. Its hard doing business with friends though. Or, perhaps you could do the contract that says you will buy the house from him, he will hold the note for say 2 years, then there is a clause that says after 2 years you'll refinance it into your own names.

[krielly]

Why would your friend even have to hold a note if he has millions? Couldn't he just personally loan you the money, and as other have said, the legal way....with a note and interest.

Am I missing something here?

[JeepMom]

If he has millions he should pay the bank note off.

Why not buy it from him as contract for deed?

[Teddy]

That's what I want to do - buy it on a land contract sort of thing.

He had said that he couldn't invest that money if it was tied up in the house, but I have a feeling he might end up changing his mind. He's going to put it up for sale if we don't move in - and he's going to have to pay a realtor, plus it could sit there for who knows how long until it sells. If we get it, then at least he'd be getting some money back on a monthly basis.

He could just loan us the money, but that's asking a lot from someone who isn't even related. He has people coming at him for money all the time and my husband doesn't want to be one of those people.

[krielly]

Well, you would be paying him interest......so it IS an investment, albeit a long term one........
Although, if you could refinance a couple years after discharge, it wouldn't tie up his $ for so long.

I'm sure no matter what, things will work out however they are meant to. Good luck!

[Teddy]

Well, you would be paying him interest......so it IS an investment, albeit a long term one........
Although, if you could refinance a couple years after discharge, it wouldn't tie up his $ for so long.

I'm sure no matter what, things will work out however they are meant to. Good luck!

I agree about it working out, it's just really stressing me out!! I don't like not knowing what we are doing, it bugs me!

You're right about him making some money, I hope he agrees to a payment plan/land contract or whatever. I am hoping he will agree to payments until we can finance.

[ronydecosta]

thanks for suggestion, i m recently agree with you ,there are few people who share this type of information
thanks a lot.