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I live in nyc and want to get a cheap condo out of state in Milwaukee. My credit isnt good but my mom does have good credit. Shes willing to help me out to get a cheap mortgage in her name.
Is it possible for my name to be added as co-owner of the condo this way without having my credit checked? I will be the only one living there and my concern is that some condos have rules about only allowing owners to live there. So I want to know if its possible to be added as co-owner to the condo/mortgage without having my credit checked.
Last edited by turner23x; 12-09-2013 at 08:24 PM..
I live in nyc and want to get a cheap condo out of state in Milwaukee. My credit isnt good but my mom does have good credit. Shes willing to help me out to get a cheap mortgage in her name.
Is it possible for my name to be added as co-owner of the condo this way without having my credit checked? I will be the only one living there and my concern is that some condos have rules about only allowing owners to live there. So I want to know if its possible to be added as co-owner to the condo/mortgage without having my credit checked.
You're planning on living there right?
You don't have to be on the mortgage to be an owner, but if you are not on the loan, your mom will have to put a bigger downpayment since it is a "2nd home" or investment property.
You don't have to be on the mortgage to be an owner, but if you are not on the loan, your mom will have to put a bigger downpayment since it is a "2nd home" or investment property.
How bad is your credit, consider fixing it.
Yea only I will there, My credit is like 640, I would fix it and all but I'm in a horrible living situation right and need to move ASAP.
Well its good I dont have to be on the loan, but you know whats the name of the document I need to be on?
Last edited by turner23x; 12-09-2013 at 09:25 PM..
You might find someone to lend you and your mother money. The borrower will have to be on the title. If she transfers it to you and removes her self, the lender may require the loan balance paid in full otherwise they will foreclose. You might want to start on the loan together then refinance in the future without her. Talk to an accountant about tax implications. Also find out how much income and cash you'll need from a lender for a future refinance from your loan person.
When I owned my own business we bought and sold several houses based on my wife's income/credit alone. I was on both titles with her. I assume one could do the same with anyone. Meaning Mom buys it with son on the title as co-owner.
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