If my father cosigns a loan for me to put a downpayment on a home,?

Question

can i buy that home and mortgage it even if that means that I don't have a job until i move out there? I can't get one now because I don't live there yet....

Answer 1

ms. new home owner to be.

in the south, your process is called

putting the cart before the horse.

OUR suggestion is to get to OUT THERE.

rent a cheap hotel room for a week.

rent a car if applicable.

go job hunting.  for an address, use the

one for the hotel WITHOUT volunteering

that the address is that of a hotel.

good luck

after you find work, by the 2nd week,

you can easily decide if you can

afford to pay for an apt.  IF not,

your vacation is over and you can go home.

if you succeed, welcome!!

Answer 2

You may have difficulty getting the mortgage if you have no job; or if you get the mortgage, you will have an extremely high interest rate and down payment requirement.

Answer 3

yes you can,

but since your father is co signing,

if you cant make payments it will be put entirely on him.

so best advice is to go ahead with the loan but make sure your able to get a good job where you are able to pay the loan off before it gets put on your dads credit

Answer 4

are you going to be in the same line of work and do you have a letter from your new employer --then it is possible if not no way

Answer 5

Sure you can but how do you plan on making payments without a job.

What you are asking is not a good idea.

Rent a place, rent a motel room by the month, get a job and save up for a house.

You are asking your Father to put himself in a very awkward position. He is responsible for your dept. If applies for a loan anywhere your loan shows up on his report and likely could be turned down as being overextended.

Not very wise to buy a house in a place you plan on moving to without a job and I can't imagine your Dad being willing to co-sign for you.

Fact is I can't imagine you even asking under the circumstances

Answer 6

why would you even try to tell your dad to get a loan if you dont have a job yet?

Answer 7

if he gives you the money for the down payment and its enough, and they do a credit check and it passes, and they contect former landlords and evrything else involved and it goes through then technacly yes you probably could but it dosent sound very smart to just wing it like that you could loose your apartment get evicted in the time it takes you to get a job money saved to pay the rent or mortage you would be better off saving some money in an account where you are now if at all possable so you have something to fall back on and if you have any skills or anything concider looking into that neighborhoods clasified section and sending out your resume a head of time you very well might find a job that ready and waiting for you....best of luck to you :)

Answer 8

They probably will not give you the loan, seeing you do not have a job they would ask your father to be the one who takes out the loan and you co-sign, which is not the best idea..

Answer 9

No one can answer that except the lender.  It is their decision to make.  I would say that most of the lenders in this country right now would not do that.  You should find an apartmeny until you are ready to buy a house.