hey guys thanks for reading my question,
my fiance and I are looking at buying a home together. I have been working in call centers and get contracts that last 3 months, etc. most times I’d stay at a place around 5 months. I have had periods where I didn’t work, but I have a good 2 years experience in Customer Service.
Anyways I’m starting a new job on the 21st and my fiance wants to know if I can cosign with him. I didnt think so since I just started a new job?? HE said cuz I’ve been working in call centers before I might be able to.
is that true? In our situation, what can we do. we really want this house, it is so perfect for us. He can probably afford it on his own with a downpayment, but we want my name on it and I’d rather cosign then just be on the deed.
oh and without any credit, is it impossible to cosign? if I get a credit card asap and work on it, will that do anything?
sorry that was so long!
you can’t cosign without good credit and you don’t have to cosign to be on the deed if he can do it on his own then tell him to go for it whether you’re on the deed or cosign you are responsible for the payment if he can’t make the payment. never and i mean never cosign for anyone because they can ruin your credit without you even knowing because the finance company doesn’t have to inform you if they are behind on payments. good luck.
If he can get the place on his own, your co-signing doesn’t add or detract from the deal as you are BOTH "jointly and severally liable" meaning that the mortgage company has a claim for 100% of the amount against BOTH of you.
You won’t like this, and I understand you said fiance, not boyfriend, but it’s not a good idea to buy a house or car or anything substantial with anyone you’re not married to. IF anything goes wrong (and remember marriage itself is pretty much 50-50 on ending in divorce) then you’ve got major headaches. If you’ve been comingling money it gets even worse.
It would also be better for him if you were not on the deed until you’re married–for the same reasons. If he’s basically paying for it, your being on the deed makes you entitled to half even if you don’t contribute a dime. If you were foolish enough to cosign on the mortgage and NOT be on the deed you’d have the worst possible deal.
It would be best if it’s all in his name. If you do end up marrying, adding you on is doable.
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If his credit is good enough to get the loan by himself it won’t matter if you don’t have any credit. If your going to be on the loan you should be on the deed!!!! Being only on the loan leaves your financially responsible for a house that you do not own!
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you can’t cosign without good credit and you don’t have to cosign to be on the deed if he can do it on his own then tell him to go for it whether you’re on the deed or cosign you are responsible for the payment if he can’t make the payment. never and i mean never cosign for anyone because they can ruin your credit without you even knowing because the finance company doesn’t have to inform you if they are behind on payments. good luck.
References :
If you have a cell phone or a car, you have credit.
If you have continuity in type of employment (which sounds like you do) a lender will not be overly concerned that you just started a new job.
I don’t have any moral issue with you buying a house together while you are not married. But I would strongly recommend that you obtain a legally binding agreement that says who is bringing what to the purchase, who is gong to pay for what, what happens if you break up, sell, get married or if something catastrophic happens to one of you.
And make sure that you take title in both of your names, no sense being responsible for the mortgage if you don’t own half of the house.
Good luck with the new job!
References :
Oregon Realtor