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teaguecm asked:


I had a few financial mis steps in college. I only 27, and I make a great income with a company I’ve worked for since I graduated. My parents are willing to help but

Category: Credit by admin

6 Responses to “Can you have a co-signer on a home loan? My credit isn’t great but my parents are willing to help.Thanks!”

1. iceman, on October 16th, 2008 at 1:09 pm Said:

   On a mortgage they would be called a co-borrowed. And yes many banks do allow that. If you have great income you may not even your parents to co-sign with you though.

2. spifiman1, on October 18th, 2008 at 10:27 pm Said:

   Iceman is correct.

   My Wife and I bought our home 3-years ago before we were married no problem.

3. internetmortgagepro, on October 21st, 2008 at 1:58 pm Said:

   Yes that would be your best situation. At a later time, perhaps in two years then you can always come back and refinance to put the loan just in your name.

4. saurus3118, on October 23rd, 2008 at 8:38 am Said:

   You can. However, your parents should consider the impact it will have on their own credit score before they do it.

5. jstephenmoore, on October 25th, 2008 at 9:14 pm Said:

   If your parents are willing to help, you may want to consider asking for a gift to help with the down payment instead of a co-signed loan. Check with your lender or mortgage broker, because there is usually a limit to how much of the loan amount can be paid for with a gift. In the mean time, work on improving your credit score and saving cash.

6. Latina4life, on October 28th, 2008 at 10:21 pm Said:

   They can definalty help. If they are willing to, why not? Have you tried to get a loan by yourself? If you make a good income, you probably qualify by yourself. That will depend on the loan amt or the sales price of the property.
   Yet, if you think you will get a better interest rate, I say let your parents help you. Make sure you dont do any late payments so that your credit can establish a little more.
   Hope this helped = )

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