If I co-sign on a mortgage, can I qualify for one for myself later?

Question

My cousin found a condo that needs some work but in move in condition. Her monthly bills including mortgage, condo fees, utilities and taxes will be $300 less than what she pays on rent right now but I don't think a bank will qualify her for a mortgage on her own. Can I co-sign with her and still be able to get a mortgage myself in 6-12 months? Will the bank I apply for count my cousin's condo as part of my liability and therefore qualify me for a much lesser amount than if I didn't co-sign?

I'm trying to help a really good person out and I've considered the possibility of hardship along the way. This is a woman who I lended $20K to and had no problem repaying me on time.

Thanks for your help!

Answer 1

This is something to ask the lender your cousin is going through. I would say that it would count as a debt on your credit so it may be more difficult to get a loan for yourself later.

Answer 2

The mortgage will be considered a liability. Never, ever co-sign

Answer 3

Do NOT cosign loans for others.  You are asking for trouble.

Answer 4

This is a terrible idea.

But yes, the amount of her mortgage, because you are also responsible to pay it, will be deducted from your available credit.

Unless you make a lot of money and this condo is very cheap you are not likely to be able to buy a home of your own.