I have a house can I be co-borrower with my brother so that he can buy a house?
by Author on Wednesday, September 1st, 2010 | 3 Comments
I bought a house and I am paying my mortgage with my wife. I would like to help my brother to borrow from the bank. Can anybody help me out, how it works?
My brother is thinking to buy a 400 k worth house. He will put 30% down. So he will borrow 250 k. How much he should make a week so that he can be qualified?
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If your credit is good and you make enough income you will not have a problem. It works the same as it did for the house you already bought.
your intent is wonderful; in practicality, it is very unwise.
instead of helping him in the traditional sense, help him find a home owner with a home for
sale that will do either a ‘LAND CONTRACT" OR A lease option.
in either of these, he is guaranteed to buy, at a fixed price. ALL he needs to do, in x months or
years, based on the agreement, is to get a new mortgage and pay off the home seller.
DO NOT co-sign for him.
Yes, you can (if you earn enough money), but think a bit about the consequences for your family.
Because if anything happens to your brother (and you can’t guarantee he won’t get an accident, illness or anything like that), then your family (wife and kids) will have to pay the price.
Please think twice about it, discuss it with your wife, make sure you know the consequences.