cosigner question
Question: I’m looking to purchase a house in the Phoenix, AZ and I was curious as to how much a cosigner would help me in this endeavor. My fianci and I make a combined income of over $60,000 a year. However, it’s all in tips. I’m a bartender and she’s a waitress. On top of this my credit isn’t so good. Her credit on the other hand is perfect. Unfortunately she has no proof of income. Not good eh?
Our one saving grace is her grandfather, he’s a real estate mogul out of Albany, Georgia. He has agreed to cosign on any property we pick out. My question is, does that make any difference? Or does the fact that he lives out of state make any help he could give us null and void? We are only going to put his name, and my fianci’s on the loan….
Any help would be appreciated….
Answer: I would say that it will be almost impossible to get a loan under these circumstances. Why would a financial institution make a loan to someone with no reportable income, bad credit, and a co-signer in another state?
Your best bet would be to borrow the money from her grandfather since he is probably going to wind up paying off the loan in any case.
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