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Old 01-26-2017, 02:22 AM   #1
Asuras Asuras is offline
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Default 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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Old 01-26-2017, 04:42 AM   #2
rgs80074 rgs80074 is offline
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Well,

Sounds like your parents raised you right. Take care of your family as much as you can. I currently have a 30 year mortgage where I co signed with my mother.

Unfortunately with my income and costs in florida this means I can't afford a place of my own so I live in the house as well. at this point we are 1/3rd of the way paying it off.

but recently my mother has become disabled and her income has dropped by 40% at least for now and if it goes longer she might be without money for a while.

so i am looking at refinancing now again since last time our credit was not so good (below 700) and now my credit alone is over 800. I would do it without her on the loan but she has a line of credit that if i did that would become due immediately.

but beside her my younger sisters live in the house too so its all for the family.

there's ups and downs and yes as long as your tied to the mortgage there's the possibility if they can't pay then your responsible or you can damage your credit by not paying.

so there's a lot to look at, also having a house will help your credit as long as payments are made on time.

you can usually get cash back on the mortgage if there's equity in the house to pay off your car in my case doing so would cost me more in interest than i am paying now for my vehicle.

also factor in if you buy a house you buy it lock stock and barrel.
have it inspected this can help with unexpected expenses but be warned even though sometimes as cheap or cheaper than renting owning can have unexpected expenses.

roof repairs, ac/heater repairs, water pipes, etc etc.

if possible it would be best to start a small emergency fund just in case so when something like that happens you won't have to use credit cards and such (like i did) to pay for repairs.

hope this helps.

ryan
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Asuras (01-26-2017)
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