Financial Advice Needed - Blu-ray Forum

Asuras · 01-26-2017, 02:22 AM

So my family lives in townhouse/apartment complex and have lived in one for as long as I can remember. Our rent is $1,150 and due to go up to $1,250 this year. At this point, i think we might as well go for a house.

Now my parents manged their money poorly and have poor credit. Where as my credit is much better. My parent's combined income is about $70,000. While mine is $33,000 (nothing to write home about). Only debt I have is a car lease and $4,000 remaining on my student loan. My original plan was to provide my parents with the down payment.

Now I'm in contact with a loan officer. He said it would be possible for my parents to get a loan but their poor crediting is hurting them. Where as mine is good and asked if I would like to assume the Mortgage and have my parents co-sign. Or even vise-versa and I co-sign for them.

With that in mine, I am 27 years old. I'm hoping to live with them for another year or so. Since I having thing really going on with my life currently. And can't sustain myself on my own. Is it a good idea to take on a 30 year loan for my parents?

How will this impact me down the road? Will I be able to take out a Car loan with this Mortgage?

What I'm hoping to do is just sign on to the mortgage for a year or 2. Re-fiance so my parents can assume the loan on their own and have my name removed. Is doing something like that possible?

Ultimately it is my decision. And I want to help my parents out and provide a home for my young siblings. But this could go either way but it will have an impact on me financially.

Anyone got any advice or input?

01-26-2017, 02:22 AM	#1
Asuras Power Member Top contributor Member since:Nov 2011 Location:Minnesota 4K collection:407 Blu-ray collection:1401 DVD collection:148 MA collection:102 Trading Score:64	Financial Advice Needed So my family lives in townhouse/apartment complex and have lived in one for as long as I can remember. Our rent is $1,150 and due to go up to $1,250 this year. At this point, i think we might as well go for a house. Now my parents manged their money poorly and have poor credit. Where as my credit is much better. My parent's combined income is about $70,000. While mine is $33,000 (nothing to write home about). Only debt I have is a car lease and $4,000 remaining on my student loan. My original plan was to provide my parents with the down payment. Now I'm in contact with a loan officer. He said it would be possible for my parents to get a loan but their poor crediting is hurting them. Where as mine is good and asked if I would like to assume the Mortgage and have my parents co-sign. Or even vise-versa and I co-sign for them. With that in mine, I am 27 years old. I'm hoping to live with them for another year or so. Since I having thing really going on with my life currently. And can't sustain myself on my own. Is it a good idea to take on a 30 year loan for my parents? How will this impact me down the road? Will I be able to take out a Car loan with this Mortgage? What I'm hoping to do is just sign on to the mortgage for a year or 2. Re-fiance so my parents can assume the loan on their own and have my name removed. Is doing something like that possible? Ultimately it is my decision. And I want to help my parents out and provide a home for my young siblings. But this could go either way but it will have an impact on me financially. Anyone got any advice or input?

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