How to ask a parent or grandparent to co-sign for a house.?

My husband and I want a house, we can afford the payments easily and all we need is a co-signer.


I am really really close with my family and I know they would do anything for me and they are all financially well off, but I am still nervous to talk to them about money. Even though co-signing doesn't cost the co-signer a dime I am still apprehensive on how to go about asking them\? How should I bring it up, and how should I ask? Thanks!How to ask a parent or grandparent to co-sign for a house.?
Where did you get the freaking idea that ';co-signing doesn't cost the co-signer a dime ';? That is complete bull s---. It could cost them everything. They are putting their own credit and ASSETS on the line for you.





This is really asking too much. You need to clean up your credit so that you can act like a grown up and sign contracts without mommy there promising her home for you.How to ask a parent or grandparent to co-sign for a house.?
Your assumption that being a cosigner will not cost a dime is wrong.





First off, if you or hubby default on the loan, guess who the bank comes after? Yep, the cosigner. Also, it would go on their credit report if the place were to foreclose.





Second, by cosigning for you, they are taking on more debt. If they were to want to go buy a car, or another item on credit, having their name on your mortgage, could put them in a position of not being able to finance something they want.





You are apprehensive, because, you and your hubby as adults need to do this one on your own. Just because you *want* a house, does not mean you deserve one.





Why can't you get your own loan? FHA should be right up your alley.
You should not put that on your parents/grandparents/relatives. The reason for a cosigner is because the bank thinks there is a good possibility that you won't be able to make payments.





Wait until you can afford the house.





Look at it this way- if something happens to you, even if you can make the payments, they are stuck with it.





Is that fair?
If you think co-signing does not cost, just go to court one day and see how many co-signers are left holding the bag to pay for houses, cars, cell-phones, furniture, and anything else people get on credit. If a person defaults, the co-signer is responsible for the entire loan. No one should EVER co-sign for ANYONE.
hmmm, co-signer for a house? that is a big favor. rule of thumb, never co-sign for another. sorry, it causes confusion in a family if the said borrower is unable to fulfill the financial obligation.





not the answer you are looking for...
I would give my life for my child. I will never co-sign for my child or any ones else.
Co-signing doesn't cost a dime as long as you are making the payments. If you fail to make the payments, then whoever co-signs is responsible for doing so. If your lender is asking for a co-signer, then likely you either have little to no credit history (or low credit scores), or the bank has some other reason to believe that you may not be able to make the payments.





My husband and I are in the process of purchasing a house and were able to be pre-approved for $100K at 5%, while we make about $30K a year. Our credit scores are 730+. Our mortgage company did not ask for a co-signer. If I were you I'd revisit the loan application with your loan officer and ask why they want a co-signer. If it's your credit (which it probably most likely is), spend the time working on building it, rather than asking your family, so that you can qualify in a year or two without having to rely on a co-signer.





If you insist on asking your family, I would just be up front with them. Let them know you're interested in buying a house but the bank has asked you to have a co-signer. That you know it's a lot to ask but you feel strongly that you will be able to afford the loan, and that if for some reason you fail to make the payments that you'll sell the house or do whatever you have to do so that they don't have to take on the payments.





Before you talk to your family, make sure you get a good faith estimate from your lender so that you have something to show how much of a payment you're looking at, so they know it's something you can afford.
If you need a co-signer , you are NOT ready ,


And you are endangering your parents or grandparents by involving them ,





How would you feel if your old people end up homeless because of you ?


It does Not cost them to start , but if ANYTHING happens later , they can loose everything because they would be responsible for YOUR debt .





NEVER endanger their homes and finances for your place .





When you ARE ready , you will NOT need cosigners .


Ask the lenders why ? then correct your problems like real adults instead of getting someone else to cover you .





good luck





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