If my mom added me to the title to her house, would I still need a co-signer for a new house?
She just suggested that she add me to her title to a house that is paid off, thinking that it will help my chances of getting a loan. My boyfriends parents would co-sign, they have great credit. Could my bf and I apply for the loan, have his parents co-sign and use my moms house for collateral?
If this could work I think his parents would be more likely to co-sign.
The house we want is appx 20k, it’s a slight fixer-upper. But we can’t come up with all of that cash right away and this deal on the house won’t last long.
I’m trying to figure out the easiest way around this in the least amount of time possible.
Was your mom thinking of collaterizing your loan with a mortgage on her house? If not, adding your name to her house will make little difference.
First of all you and your B/F should make up some type of agreement as to what would happen to the property in the event that the relationship sours.
I can not count the times I have been involved in a real estate transaction where a happy unmarried couple come in, apply for a loan, purchase a house and six months later she is there asking how can I get this B*s*a*D of the deed he is driving me up the wall.
This is closely followed by the male saying this B*t*c* is about to die. I want her out of my hair now how I we go about doing this?
Our laws are set up to protect married people and not unmarried couples.
Now about being adding to your mother’s title of her house, that would show assests.
Co-signing with parents is really not a good idea because even though we all hope that nothing goes wrong, guess what something always do.
I would suggest that since you and your B/F are so intent on the purchase of a house, find a local mortgage broker (Not bank or lender like Bank of America) fill out an application so he can run a credit check. He will then be able to tell you what mortgage program you are qualified for. He will be able to tell you if you have to have a down payment or not, the interest rate.
Now you will have something to go on as to what you need. You might not need your B/F’s parent to sign for you, but you might need a gift of the down payment.
They can do this for you with you and your B/F signing a note as to how much you will pay them back per month.
What ever you do make sure you get the house you want, but keep both your parent’s participation to the very minimum.
I hope this has been of some use to you, good luck.
“FIGHT ON”
Your mom is taking a lot of risk by doing that. If you can’t pay she could loose her house too. It seems to me if you have a co-signer you should be able to get a loan for 20k quite easily and use the house your purchasing as collateral, unless the house is way over valued or your not working or have really poor credit I wouldn’t think a 20k loan would be hard to get.