Consigning for brother to buy a house

[MugenCivicSi83]

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@Anonymous wrote:
Hi my brother is in the process of buying a house for my parents. My parents cannot qualify because they went thru a foreclosure. The house they want to buy is for $250,000. Unfortunately my brother's income is only $52,000. The lender came back and said that due to his income it will get declined. He asked if someone could consign. I don't mind consigning but I have a lot of consumer debt. My mortgage scores are 652, 670, and 614. I make about $100,000 a year. My dti would be around 20%. However I have about 50 inquires on equifax, 60 Experian, and 94 on transunion. We would go thru fha. Do you think we would get approved with this information.

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Don't do it unless you already own a home and plan on staying there awhile. Otherwise as stated above, you may never get a loan for your own home (assuming you don't have a home already). Just my 2 cents.

[Anonymous]

For anyone who is not aware, iv is absolutely correct, you cannot remove yourself or anyone else from a loan or lease obligation if there is a consigner requirement. The requirement is in effect for the length of the current loan so the only way to remove a consigner is to change the loan or lease, if the individual can qualify on their own.

We had many people come into my leasing office with some random friend who agreed to cosign, didn't pay attention to the fine details and was very sorry a few months or few years later. Sometimes it works out okay but typically a individual doesn't qualify on their own because they have not shown responsibility with their finances or does not have enough income to meet the obligation on their own..