{"id":2564,"date":"2022-08-29T13:22:49","date_gmt":"2022-08-29T13:22:49","guid":{"rendered":"https:\/\/toplevelhomeloans.com\/?p=2564"},"modified":"2022-08-29T13:27:15","modified_gmt":"2022-08-29T13:27:15","slug":"can-i-co-sign-in-another-payment-when-im-applying-to-buy-a-house","status":"publish","type":"post","link":"https:\/\/toplevelhomeloans.com\/en\/can-i-co-sign-in-another-payment-when-im-applying-to-buy-a-house\/","title":{"rendered":"Can I co-sign in another payment when I\u2019m applying to buy a house?"},"content":{"rendered":"
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Can I co-sign in another payment when I\u2019m applying to buy a house?<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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I’ve had several of my clients tell me in the past, \u00abOh no, I’m only a cosigner on that loan,\u00bb and they assume that it doesn’t affect them in their Debt to Income ratios (DTI) and in their ability to buy a home, but that is just incorrect.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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If you have never been to our page before, my name is Miguel Gomez, I am the owner of Top-Level Property Loans, and on this page we will provide you with information and ideas on how to buy a home. We’re going to talk about co-signing today.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Co-signing can affect you in the purchase of a home, if it’s not documented correctly.\u00a0<\/span><\/p>

Currently, the majority of agencies evaluate co-signing based on your ability to show that someone else has been covering another’s debt. They are extremely precise about how they want you to prove or to document this.<\/span><\/p>

Let’s pretend you co-signed for something, like a car, shall we? Let’s assume you co-signed for your mother, aunt, brother, or whoever it is, and they are paying the auto loan. Almost all agencies state that you must demonstrate that the client has made 12 payments on the automobile or other vehicle and that those payments came from their account. Therefore, if they give you the money and you pay for it, it doesn’t really matter because you payed it.<\/span><\/p>

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So, you really got to make sure that they are the ones making the payment, <\/span>with their account<\/b>, and not just transferring the money to you.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Now, the magic number there is 12 payment, so we have kind of gone back and forth on trying it with less amount, and they all need 12 payments to show that somebody else pays for that day.<\/span><\/p>

Just remember that it takes about a year before you can prove to anyone that you do not pay for the loan when you are asked to co-sign one.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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I therefore hope that this knowledge was useful to you.<\/span><\/p>

Please continue to visit us and follow us so that we can continue to provide you with additional advice and information.<\/span><\/p>

We’ll see you at the following one.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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We appreciate you joining us and hope you learned some useful information and methods. Please consider subscribing to our newsletter or YouTube channel.<\/a><\/b><\/span><\/p>

Don’t miss our whole <\/span>pre- qualify yourself series<\/b> and <\/span>keep learning with TL.<\/b><\/a><\/p>

See you in the<\/span> next blogs<\/b><\/a> and follow us for more.<\/span><\/p>

Thank you!\u00a0<\/span><\/p>