Updated over 2 years ago on . Most recent reply
Parents forced me to co-sign for my credit, does this bar me from FHA?
Hey BP community!
My friend is in this situation, wanted me to ask the forums about it:
When my parents bought a house many years ago, they made me co-sign because my credit score was higher than theirs. Ethics of this aside, would this prevent me from doing a first time homebuyer loan?
Would love your thoughts.
Most Popular Reply
It depends if you are mortgage liable on that house. You have to look into your mortgage note to see if you are legally liable of paying the principle, interest, tax, insurance of the house. As some borrowers are only held liable to pay for the tax and insurance part of the house if he/she is on the title.