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So I have a quick question hopefully someone that is familiar with joint mortgages can help.
I wanted to know if joint mortgages will report on both party's credit reports?
The reason I ask is because I am a 20 year old college student with a pretty good fico score (788) and I wanted to get into the real estate business, buying and renting out houses. I currently have no income on the books and wouldnt be approved for a mortagage on my own. My father is graciously willing to apply for the loan with me as either a cosigner or as a joint applicant.
Because I have no income and only be basing my creditworthiness solely on my credit score would they even report the mortgage to the bureaus.
Mortgage payments are reported on every mortgagee's credit report. With no income, I don't see how a lender will consider you a borrower. Mortgage score alone is not enough to qualify for a mortgage. Each applicant is expected to have income.