You help me and I'll help me

4 Replies

It depends. Many loans require the home to be occupied by the person on the loan.

If your friend gets the proper type of loan, this plan would work. I don't think it's very smart of your friend, but it could work.

@Vanessa Willard what does your friend get out of the deal? The risk of you failing on their credit? A worsened debt to income ratio? Are you giving your friend anything beneficial? Without further information I would buy your friend an Uber away from that conversation with you.

Yeah I know it's bad business on his part. I figure I would offer a small payout for using his name till the loan is paid off. He isn't interested in investing or becoming a partner for the long haul, simply helping out.