Lubers25
 |
Do you mean she has little credit or bad credit? If it is a case of little credit and she has shown you a track record of being responsible then co-sign for her. This is risky for you because if she defaults on the loan the responsibility will fall on your shoulders and the hit will go on your credit rating as well.
If she has bad credit, she should rebuild her credit before trying again. In this case, I would definitely not recommend co-signing for her. To be in this position, she would have obviously had some struggles financially in the past. As I said, if she were to make another mistake on this, you will be responsible and it will effect your credit rating as well. |
|
SAMMIE K
|
She may want to work on establishing some credit and go from there if she hasn't already. If she has some negative accounts she needs to reestablish her credit She also could try a credit union.. They may be looking at her age as a factor as well. |
|
tucuxi_96
|
She will probably need a co-signer. someone with excellent credit or wait another year or two and try again. Making sure credit cards are paid off and high intreast rate ones are closed out. |
|
JDINFLA
|
Have you as A COSIGNER... |
|
raci_tracey
 |
Tell her to save her money until she is in a better position to buy a house. Getting something just because you want it sounds like a spoiled brat talking. Teach your daughter to save her money, build her credit, and buy a house when she is ready, now when she "wants to." |
|
redunicorn
 |
You can co-sign a loan. |
|
ildjb
|
Some places have "rent-to-own" programs. Also, have your daughter apply for a credit card and use it for some everyday items to improve her credit. I only have one credit card, which I generally only use for gas. However, I also have a car loan. There are many things that help raise a credit score.
I also agree that you can co-sign, or go to another bank. However, if you bank at her (your daughter's) bank, then I'd try co-signing to keep everything together at one place. |
|
crossstitchkelly
 |
She can get a co-signer on the loan, if she can find someone who is willing to help. |
|
patrickmcc55
|
It is impossible to purchase a home with no credit history. If she wants to buy a townhome, she will need to have someone (like you) co-sign, or guarantee the loan. The only other option, is to put down a large downpayment, (in the 30-40% range), then they mortgage dept may be more understanding. Whatever she or you do, do not use a local bank, use a mortgage broker. They get the best rates available from hundreds of lending firms. Look up mortgage brokers in your yellow pages. They will also be able to advise you if there are any options to improve your chances. |
|
idgaf
|
you co-sign for her. Buying a house very young is the best thing she can do right now.
she can apply for preapproval at cendantmortgage.com |
|
loving father
|
She needs to build more or better credit first. There are no quick, easy ways to do this... BUT, I do recommend she has her own checking account, and keeps a positive balance without bouncing checks, then I would encourage her about 6 months later to apply for a target stores card (I'm just suggesting them since I know they serve many who couldn't qualify for other cards), 6 months or so later, get a major credit card - Visa, MasterCard, or American Express. Again, wait 6 months or so, and get an auto loan. These steps, in this kind of timeline, provided she's taking care of any current or future financial responsibilities will help boost her credit rating. You don't want her to "rush" these things... Allow plenty of time in between each step, otherwise banks tend to consider you as desperate for the extra cash, and you'll only dig yourself in deeper if you're not responsible. Good luck to her! |
|
October
|
Can you co-sign for her? |
|
Mr. Hendricks
|
She can co-sign with you on a loan if you trust her or she can rent. I would highly discourage her from going to any shady lenders. |
|
danl747
|
Sounds like she has a good head on her shoulders. A different lender or a co-sgner might be her only options though. Here is a thought: Since her limited credit means AT BEST limited (and likely unfavorable) credit terms tell her to aim a little lower to establish some credit. Can she qualify for a car loan? Financing a car and paying it off would probably look VERY good on her credit report. An installment loan, paid off, no late payments, just what a mortgage company would want to see. |
|
m185
|
Rent and save her money for a larger downpayment...less loan amount. |
|
Sunny
 |
There are other options out there check with a mortgage company, or you can co sign for her... |
|
germanknowitall
 |
Has she travelled? How can someone 20 years old be knowing where they want to live in order to make a purchase? That's just weird. I'm not even sure she's old enough to be renting- she's not even 21, can't even go to a bar (altho I bet she does). |
|
Blunt Honesty
 |
Is that the only bank in the world? |
|
~*Katie*~
|
you can co sign usually or try a different bank |
|
jessicamhaddad@verizon.net
|
I bought my own house in southern CA when I was 20- 2 years ago, It was hard but you can find a lender that will definately help you! Also my mom put a down payment, she didnt have to it was only to lower my payments so I was comfortable but they dohave 0 down first time buyer programs available. |
|
Baby_J
|
that's interesting why exactly is she buying a townhouse ? and how much does she make a month? |
|
Martin
 |
Go with a lender that does FHA loans, also some lenders will accept non-traditional forms of credit such as utility bills, or cell phone bills. Be prepared to have proof that your daughter has been paying those bills ie; cancelled checks. |
|
mzfilly
|
It can be difficult to get a loan from a bank---their guidelines are quite strict. However, your daughter may be able to get a loan through a mortgage lender.
A co-signor can help, but don't forget, if you do co-sign, the loan will be partly your responsibility---meaning if she doesn't pay, it hurts your credit. It will show up as a debt against you on your credit as well, and may hinder you from obtaining additional credit.
Go with a direct lender, not a broker. They have many great programs and can usually counsel the younger, first time home-buyer more readily.
Feel free to contact me with any additional questions or to go over a pre-qual.
Best of luck to her! |
|
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
