Co-signer questions... - HomeModders.com

eg6sir · 10-22-2007, 08:33 PM

alright.. so i'm trying to get into a house and my credit is horrible buy my GF has good credit and got pre-approved for $190,000.. well, we've found the house we want and everything seemed good..

the banks wont approve the loan with only her on it.. she doesnt make enough.. so i've been on the search for a co-signer.. there are only a couple of people in my family i could ask. .and both said no or they couldnt..

whoever co-signs we'll drop in 6 mo. when we refinance the house.. so i asked my best friend of 15 yrs and he said he'd do some research on the matter because he's gonna be looking to buy a house very soon.. he makes very good money (Senior Engineer at Motorola) and i dont see it being a problem but he's worried it may affect him when trying to buy a house.. what do you think?

i would think it would help him get into a house.. but i dont know for sure.. so if you have any input, please share i only have a few days before i lose the deposit i made to escrow if we have to back out of the deal..

Jeefsilverado · 10-23-2007, 12:59 AM

Don't do it. It might fuck him for a house, even though he makes good money. What ever the amount of the loan is will be that amount less that he can borrow. You might put him in an awkward position and it might kill your friendship. I know you say 6 months but can you guarantee it? Thoroughly think it over because it might sound good because you really want the house but the negatives aren't worth it and it puts your friend in a bad position. Also look into if he is a cosigner can he claim ownership, decide he doesn't want to do it anymore forcing you to sell or find another loan? Look to see if it can fuck you over somehow if things go bad.

eg6sir · 10-23-2007, 01:21 AM

well, we've decided to back out of the deal.. i dont want to put him in that position anyways.. i felt like a dumbass asking.. i guess we'll keep looking for something cheaper

briansol · 10-23-2007, 04:18 PM

re-fi in 6 months probably isn't going to happen (worthwhile anyway) unless you've dumped a shit ton of money into yout mortgage in those short 6 months.... and at that point, you might as well have just put it down on the loan in the first place.

never ever co-sign anything. ever. if your friend does it, even if hes helping you, he's asking for it. it's the #1 financial mistake too many 'nice' people make.

if you got pre-approved for 190k, i don't know what the issue is.
go back and get a real pre-approval from a real lender.

call national city mortgage co or countrywide or some shit. they will give a letter of pre-approval that you need before you ever can legally make an offer on a house. it will have a set figure on it. and you simply can't go higher than that.

being approved for 190k and getting shit canned on 130k house is just rediculous.

IMO, you need to stop dealing with local hicks cuz they don't know WTF they are doing. You're realtor included. friend or not, he shouldn't have even written up an offer without the preapproved letter in his hands.

chestercheeto48 · 10-23-2007, 04:23 PM

+1.

When I got my pre approval through my bank over the net I was even able to print out a pre approval letter. Unless the info on your application was wrong you should have had no problem getting the mortgage. In fact when we actually met with our mortgage officer we found that we were actually able to borrow more than the pre approved amount. I would take that advice and find someone who knows what they are doing.

eg6sir · 10-23-2007, 06:24 PM

if it was for $130k we would have gotten accepted.. we were gonna pay $168k for the house.. we both were wondering why the hell they pre-approved her for $190k and shot us down for $168k.. fucking stupid if you ask me... what we're gonna do now is shop around for a lender that will give us the loan we're looking for.. anything cheaper than $150k is a shithole or its in a shitty area, or its a condo in a shitty area..

plus i'm not settling without a garage.. its a must and i wont take otherwise

James · 10-23-2007, 09:06 PM

If you hadn't backed out already, I'd say no go on having him cosign for the simple sake of the friendship in the future, let alone for his own good on trying to get his own house.

eg6sir · 10-24-2007, 12:29 AM

he's dealing with the San Diego fires right now.. he had to evacuate his house.. i'm not about to stress his mind trying to decide whether to do it or not.. in fact i really dont want anyone to co-sign.. because if we screw up i dont want to screw them, who ever it may be

briansol · 10-24-2007, 01:22 AM

yeah, co-sign is a bad idea on both parts.

call national city. they are the one's who did my mortgage and i have nothing but good thigns to say about them
National City Mortgage | Internet Lending Center

James · 10-25-2007, 07:04 PM

I hate national city, but that's just me. haha

10-23-2007, 04:18 PM	#4
briansol Administrator Join Date: Aug 2007 Location: Central CT Age: 30 Posts: 482 Rep Power: 10	re-fi in 6 months probably isn't going to happen (worthwhile anyway) unless you've dumped a shit ton of money into yout mortgage in those short 6 months.... and at that point, you might as well have just put it down on the loan in the first place. never ever co-sign anything. ever. if your friend does it, even if hes helping you, he's asking for it. it's the #1 financial mistake too many 'nice' people make. if you got pre-approved for 190k, i don't know what the issue is. go back and get a real pre-approval from a real lender. call national city mortgage co or countrywide or some shit. they will give a letter of pre-approval that you need before you ever can legally make an offer on a house. it will have a set figure on it. and you simply can't go higher than that. being approved for 190k and getting shit canned on 130k house is just rediculous. IMO, you need to stop dealing with local hicks cuz they don't know WTF they are doing. You're realtor included. friend or not, he shouldn't have even written up an offer without the preapproved letter in his hands. __________________ 1997 2050sqft Split Level

10-23-2007, 09:06 PM	#7
James Slacking off in the house Join Date: Aug 2007 Location: In IN Posts: 231 Rep Power: 4	If you hadn't backed out already, I'd say no go on having him cosign for the simple sake of the friendship in the future, let alone for his own good on trying to get his own house. __________________ 1927 2200 sq feet 3 story renovation project. Done Washing Machine - 10.27.07 Windows Install - 02.13.08 (New) Gas Oven - 11.22.08 Needs to be Done Put in the (new) dryer New front freaking door that doesn't leak air right onto the tstat. Uh... Alot more.

10-24-2007, 01:22 AM	#9
briansol Administrator Join Date: Aug 2007 Location: Central CT Age: 30 Posts: 482 Rep Power: 10	yeah, co-sign is a bad idea on both parts. call national city. they are the one's who did my mortgage and i have nothing but good thigns to say about them National City Mortgage \| Internet Lending Center __________________ 1997 2050sqft Split Level

10-25-2007, 07:04 PM	#10
James Slacking off in the house Join Date: Aug 2007 Location: In IN Posts: 231 Rep Power: 4	I hate national city, but that's just me. haha __________________ 1927 2200 sq feet 3 story renovation project. Done Washing Machine - 10.27.07 Windows Install - 02.13.08 (New) Gas Oven - 11.22.08 Needs to be Done Put in the (new) dryer New front freaking door that doesn't leak air right onto the tstat. Uh... Alot more.

10-22-2007, 08:33 PM	#1
eg6sir homeless Join Date: Aug 2007 Location: Bakersfield, CA Posts: 93 Rep Power: 4	Co-signer questions... alright.. so i'm trying to get into a house and my credit is horrible buy my GF has good credit and got pre-approved for $190,000.. well, we've found the house we want and everything seemed good.. the banks wont approve the loan with only her on it.. she doesnt make enough.. so i've been on the search for a co-signer.. there are only a couple of people in my family i could ask. .and both said no or they couldnt.. whoever co-signs we'll drop in 6 mo. when we refinance the house.. so i asked my best friend of 15 yrs and he said he'd do some research on the matter because he's gonna be looking to buy a house very soon.. he makes very good money (Senior Engineer at Motorola) and i dont see it being a problem but he's worried it may affect him when trying to buy a house.. what do you think? i would think it would help him get into a house.. but i dont know for sure.. so if you have any input, please share i only have a few days before i lose the deposit i made to escrow if we have to back out of the deal..

10-23-2007, 12:59 AM	#2
Jeefsilverado jeef Join Date: Oct 2007 Posts: 70 Rep Power: 3	Don't do it. It might fuck him for a house, even though he makes good money. What ever the amount of the loan is will be that amount less that he can borrow. You might put him in an awkward position and it might kill your friendship. I know you say 6 months but can you guarantee it? Thoroughly think it over because it might sound good because you really want the house but the negatives aren't worth it and it puts your friend in a bad position. Also look into if he is a cosigner can he claim ownership, decide he doesn't want to do it anymore forcing you to sell or find another loan? Look to see if it can fuck you over somehow if things go bad.

10-23-2007, 01:21 AM	#3
eg6sir homeless Join Date: Aug 2007 Location: Bakersfield, CA Posts: 93 Rep Power: 4	well, we've decided to back out of the deal.. i dont want to put him in that position anyways.. i felt like a dumbass asking.. i guess we'll keep looking for something cheaper

10-23-2007, 04:23 PM	#5
chestercheeto48 Member Join Date: Aug 2007 Posts: 69 Rep Power: 4	+1. When I got my pre approval through my bank over the net I was even able to print out a pre approval letter. Unless the info on your application was wrong you should have had no problem getting the mortgage. In fact when we actually met with our mortgage officer we found that we were actually able to borrow more than the pre approved amount. I would take that advice and find someone who knows what they are doing.

10-23-2007, 06:24 PM	#6
eg6sir homeless Join Date: Aug 2007 Location: Bakersfield, CA Posts: 93 Rep Power: 4	if it was for $130k we would have gotten accepted.. we were gonna pay $168k for the house.. we both were wondering why the hell they pre-approved her for $190k and shot us down for $168k.. fucking stupid if you ask me... what we're gonna do now is shop around for a lender that will give us the loan we're looking for.. anything cheaper than $150k is a shithole or its in a shitty area, or its a condo in a shitty area.. plus i'm not settling without a garage.. its a must and i wont take otherwise

10-24-2007, 12:29 AM	#8
eg6sir homeless Join Date: Aug 2007 Location: Bakersfield, CA Posts: 93 Rep Power: 4	he's dealing with the San Diego fires right now.. he had to evacuate his house.. i'm not about to stress his mind trying to decide whether to do it or not.. in fact i really dont want anyone to co-sign.. because if we screw up i dont want to screw them, who ever it may be