If it is zoned properly to permit two families to live in the property the answer would be yes in most US jurisdictions. To give the family with the lower credit rating ownership in the home(s)/apartments the principal buyer would have the deed made out in both names. There should also be a legal document defining both families roles in making payments, etc.
AnswerIt all depends on the lender. In many cases the lender will only approve the party with the good credit rating and require that they hold sole title to the property. In fact, there have been many cases where a married couple each have different ratings and lender requires that the property be transferred by the party with the poor credit rating to the other party. You need to check with the lender.
Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.Yes, as long as you have a good enough credit rating to qualify for the mortgage.
Often previous bad debts can have a huge impact on receiving a poor credit mortgage. It is worth having an official credit rating carried out to determine your rating, as this will also inform you as to why you have a good or bad rating.
Yes, it will shorten the time in which the mortgage is on your credit report.
As long as you are on the mortgage it will show on your credit report and effect you credit no matter if you are the primary, secondary or co-signer
Firstly if you haven't already, obtain a copy of your credit history to check the details and remove any incorrect details which may be affecting your credit rating. If you still have a bad rating then seek advice from an independent mortgage advisor. There are specialist companies available who will arrange mortgages for people with bad credit ratings.
A bad credit mortgage is sometimes called a sub prime mortgage. It is for people with low credit rating who wish to purchase a house. Due to the risk of lending to such people, the rate will be slightly higher.
You need to discuss this issue with an unbiased professional. If you "join into" a mortgage you are indeed liable for the underlying indebtedness. Otherwise the lender wouldn't ask you to sign the mortgage. If the mortgage goes into default it will not only affect your credit rating but the lender can go after you for payment.
If you have a bad credit rating, you will have to pay a higher interest rate. This will be like a penalty for having bad credit.
It would be very difficult to get a mortgage with bad credit. A mortgage broker may be able to help, but in order to get a mortgage it is usually advisable to get a good credit rating by taking out small loans first.
Often, a mortgage rate depends on the person's credit. If the credit rating is good, then they usually get a lower interest rate. But if their credit is not good or if they have not yet established a credit history, then they often pay a higher rate.
Advice on how to get a mortgage with bad credit ratings can be found from many different online sources. Some examples include Zillow, uSwitch, and Experian.
Your credit rating will affect whether or not you can actually get a mortgage. Those with bad ratings may not get a loan from a bank. A great site for checking mortgages is moneysupermarket.com