Posted on 02/04/2013 4:10:14 AM PST by MacMattico
If it is such a deal, why not buy it by yourself? You are going to end up making the payments anyway, so you might as well get your name on the title from the beginning....
I do this for a living.
The lower credit score borrower could not be on the loan; you would need to do it in your name only.
With scores that low; he has some work to do most likely get approved.
General rule is you can co sign to add income; but good credit doesn’t offset bad credit.
Message me if you want more specific info.
If the house is a great deal and you can make the payments, buy it yourself and rent it back to your relative at cost. Your out-of-pocket is unchanged; your future credit rating is completely under your control; and you earn the equity in the property.
...and be ready to write off the relative when they have to be evicted because they think you will let them live there rent free.
What? I was getting snarky? Never been called an asshat. Pretty funny. I think you took what I said wrong.
Thanks everyone. Maybe I will buy the house and rent it to him. If he rebuilds his credit I’ll sell it to him. He’ll have time to raise the credit score, and if not I think it’s a good investment anyway.
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