Thinking of buying a house with my dad ..?

[Anonymous]

Hello guys , I am a 26 year old man with pretty good scores 760+ on all 3 bearus , but my credit age is not that great .. 2.5 years .. because I kept opening credit cards (6) but I’ve always paid my credit cards on time 97% of the time I pay all of them in full . So , my dad wants to get out a house early next year (he has super strong credit) very strong very strong I must say .. he wants me to b the secondary signer just to get better rates I guess ?? 🤷🏽‍♂️ Will me being a secondary signer count as well? Will it go on my credit history/reports?

[Gladius]

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@Anonymous wrote:
Hello guys , I am a 26 year old man with pretty good scores 760+ on all 3 bearus , but my credit age is not that great .. 2.5 years .. because I kept opening credit cards (6) but I’ve always paid my credit cards on time 97% of the time I pay all of them in full . So , my dad wants to get out a house early next year (he has super strong credit) very strong very strong I must say .. he wants me to b the secondary signer just to get better rates I guess ?? 🤷🏽‍♂️ Will me being a secondary signer count as well? Will it go on my credit history/reports?

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If his credit is "very strong", why would he need a secondary signer?  And yes, it will appear on your credit report if you are on the mortgage, even as a co-applicant.

[homeloanexpert]

Hello Jay,

The main reason we use add co-borrowers today is to booster the income on a loan. Your Dad's thought process is the way it used to be. Most loan programs always default to the lower scores anyways and it would appear you should have enough depth of credit to do it on your own. I would advise you apply by yourself, and only if needed you can add your Dad. That is unless you really want to buy jointly to increase your buying power.

[Gladius]

Oh my bad, I thought you meant your dad wanted a house for himself, but this house will be for you.  That's why I asked why would he need a co-signer if he has great credit.

[Anonymous]

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@homeloanexpert wrote:

Hello Jay,

The main reason we use add co-borrowers today is to booster the income on a loan. Your Dad's thought process is the way it used to be. Most loan programs always default to the lower scores anyways and it would appear you should have enough depth of credit to do it on your own. I would advise you apply by yourself, and only if needed you can add your Dad. That is unless you really want to buy jointly to increase your buying power.

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Thank you very much, for the great advice!!!

[Anonymous]

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@Gladius wrote:

Oh my bad, I thought you meant your dad wanted a house for himself, but this house will be for you.  That's why I asked why would he need a co-signer if he has great credit.

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No worries man. You're good!