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Who out of these 3 people should I let help finance my house as a co-signer? |
They have all agreed because we believe it's a good deal. I am getting finance by the owner of the house and he has agreed that he doesn't care much who signs, the higher the score the better though (I guess bc he can charge whatever finance charges he wants). My mom-makes a ton of money, but has a terrible credit score..500ish. My boyfriend of 3 years-credit score of 630ish but has a minimum wage job and college student. My dad-terrible fico and lives on SSI. And myself, I work seasonally and go to school full time. Fico score of 550ish (I've never really had credit). The house is only 30k and it would be paid off within 2-3 years from my trust fund. Your mom makes the most logical choice here. She can help you make payments if you have a rough month. The only reason to pick your dad is if you know you can make payments by yourself and want to help him, rather than your mom build credit. Boyfriend co-signer = bad idea. Source(s): I have 8 years of experience in the financial industry, currently working as a senior loan officer for a mortgage company. i am not a pro in these kind of decisions but according to your list of choices i'd say your mom is your best choice. She is the only trustworthy person here! if i were you i would go and let yor mom do it friend I'd go with your Mom. The co-signer is legally responsible for making payments if you can't. your mom sounds like the only person that is capable of doing so. Your boyfriend and father shouldn't even qualify because theyhe do not have the werewithal to make those payments. The owner might as well have your dog sign if he's OK with the boyfriend. I would get the person who you trust the most. If things go bad with the boyfriend their could be problems with the house. Unless you guys are planing to get married soon. If the house is going to be in your name I would use yours. |
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