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Can your parents cosign for your house loan?

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2007-02-12 07:05:11
2007-02-12 07:05:11

Anyone can if they have enough good credit. Relationship to you has no bearing.

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Related Questions


Two people would need to cosign an agreement when for example, parents need to cosign the loan application for their child or to help a friend in need.

absolutely not. Minors are not able to cosign any loans, only an adult (eighteen years or older) is aloud to cosign a loan. the law states that any minor is not responcible for the repayment of any loan.

Yes, an employer can cosign for a student loan. Any one can cosign for a student loan if they meet the requirements.

they want your parents or another responsible adult to say they will repay the loan if you can't .

If you are a minor, you cannot LEGALLY cosign or sign any loan/contractual agreement.

The loan you cosign is going to count as a loan that you have. If you have the income to support that loan, plus yours, from a loan officer's point of view, you may be able to get a loan. Generally, though, cosigning is a bad idea for anyone.

Yes, someone on the social security can be able to cosign for a loan. The person cosigning the loan however has to have good credit regardless of his availability on the social security benefit.

No. It doesn't come off until the loan is paid and if the person who is getting the loan doesn't pay you will owe for the loan. When you cosign it also goes on your credit report.

Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.

Yes, your parents can cosign for a loan and if you are smart keep up the payments on that loan as it will give you a good and early credit record. If you don't keep up the payments it's a lousy thing to do to your parents, and they will be stuck paying that loan. Marcy

Banks want the co-signer as a safety precaution, because you have yet to prove your ability to handle credit. But, it will help build your credit rating - as long as you and your parents make sure that the loan is repaid in a timely manner.

SURE!! BUT GOOD LUCK TRYING TO FIND HIM WHEN THE LOAN GOES INTO DEFAULT!

Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.

To cosign a loan is to guarantee payment if the borrower fails to pay.

For the length of the contract you sign. If you cosign on a 3 yr loan, you are responsible for the debt for 3 years.

No. If you cosign on a car loan and the person defaults, the finance company can not take your house in this state. After the finance company seizes the car, both you and the other person would still owe the unpaid balance of the loan.

i was able to get an auto loan with the help of a cosigner and im under 18

ok Should not be a problem. A car loan is about credit, not driving.

That would be a very unusual procedure. If your parents want you to have this money, to the extent that they are willing to co-sign for the loan, and you are under 18, what would normally be done is that your parents would simply borrow the money themselves and give it to you as a loan which you could repay to them, and they would then repay the bank. Minors do not normally borrow money from banks.

You need to ask a mortgage agent.

You would have to 'buy' the house from your parents, but if you can qualify for a loan, there shouldn't be a problem.

Go to salliemae.com and that will give you all the info. you need.


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