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can someone who be on two home loans at once?
Posted by James on April 27, 2010 in Home Loans | ∞
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Was just wondering if a person is already on a loan for a home as a cosigner can they be used as a cosigner for another. I already asked my realtor and he doesn’t know.
How to Sleep Better
Was just wondering if a person is already on a loan for a home as a cosigner can they be used as a cosigner for another. I already asked my realtor and he doesn’t know.
How to Sleep Better
5 Comments
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Yes if your debt to income ratio isn’t that high.
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Yes. So long as your financial situation allows for it. Also, the guarenty may be a non-recourse loan.
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Yes, and they can do stated income, nodoc, stated income stated assets you name it there are a ton of programs like this.
Matt
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Certainly, although you might need to structure the loan slightly differently, like as an investment property or second home.
It’s not unusual for people especially with poor credit profiles to add a parent to the loan.
What I would suggest though, more so, is that you should look to try and have the cosigner on the loan by themselves. This is a little easier and might result in a better rate and payment.
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yes, lender would be happy to give you more money with a higher interets rate.
Housing market continues to slump though. Wait a little bit.