One of my clients wants to ask his mother for a co-signer... everyone around me seems to have an opnion about the dynamics of co-signing for a child. Well, realistically, he's no child. He's 35 to be exact. He's got the downpayment, he's got the credit score, but his salary doesn't justify the loan he needs to get himself into his first home. He's constantly asking me, "would your mom do it for you?". Honestly, I don't know what to tell him. My parents wouldn't. My father made it absolutely clear. And I bought my house on my own. That was a different time. Banks were a bit freer with the money. He asks "is it a bad idea?" Again, I don't know what to say. I want to tell him you would NEVER let anything bad happen. But sometimes, s**t happens. He's going to need a roommate right from the get-go to make himself more comfortable. I don't give any sort of opinion because ultimately, it's between him and his mum. But I'm sure this subject continue will come up again with another buyer....first time home buyer especially....
Allyson... If I were a parent, I would NOT do this. He can't afford the place. If he doesn't have a roommate.. the parents will end up having to pay. If they have their own mortgage.. UGH. No thank you.
But ask me if I would help out MY son. Probably.
Allyson.....It's difficult to not help.....instead of co-signing I would gift him some money to lower the payment so he could afford it....even if he had to sign a second mortgage....I gave each of my three children their down payments for their first homes.....took a second mortgage for the down payments, just in case!!!!
we're almost neighbors.....
Seems like a bad idea for many reasons -- his circumstances may change and his parents may as well -- they may need another loan and unable to get it because of this. Our 2 cents.
Hi Allyson- If you can't afford it, maybe it's better not to buy it.... --Sara in San Antonio
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