to help his younger sibling to get approved for the loan and buy a house for her to live in. Our house is already paid for. I was okay with him co-signing by himself but now he wants me to also be a co- borrower so my income will be included and they will be able to get approved for more. Is the risk about the same whether I’m a co-borrower individually or the wife of a co-borrower?
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No neither of you should be. There’s a reason why the sibling can’t buy the house alone
A person who needs a cosigner isn’t ready to be a homeowner, neither of you should even be considering this.
Sounds like his sibling is trying to bite off more house than he or she can chew which increases the chances of a default. Are you willing to be liable and hold up your ability to borrow for 30 years ?
> I was okay with him co-signing by himself
You frankly shouldn’t have been okay with that, either. WHEN his sibling eventually fails to pay, even though it’s in your husband’s name and not yours, it would still impact your household finances. This would be a Hard “No” if my wife wanted to do something similar, and I’m sure she’d say the same thing if it were me wanting to do this.
I think might be different? What if she missed paying? What then? Read the documents first before signing anything. Its good to be sure and know of what situation you would be in.
Don’t say we all didnt warn you!
>Is the risk about the same whether I’m a co-borrower individually or the wife of a co-borrower?
This may depend on what state you’re in. Different states have different rules about marital assets and debts.
This is not a great idea. The bank will approve people for loans they can barely afford. Meaning if they can’t get approved for the loan, they REALLY can’t afford that home. Either of you tying your financials to someone interested in living well outside of their means is not good for your mutual financial future.
I say not everyone who needs a cosigner is a risk. I paid for my house in cash. Wanted a very small mortgage to pay myself back for renovations and I believe in small mortgage. Anyway was shortly after housing crisis and couldn’t get a mortgage tho I owned 100 percent equity because own our business and no proof of future income. That being said in case of a divorce why would you do that to yourself. No no and no
If sis needs a place to live and you want to help, this is what I’d do …
You and hubby buy a house. Rent the house to sis for the cost of the mortgage payment plus escrow and a reasonable maintenance fund. When sis rents for so long she has essentially bought the house, sell it to her for an extremely low price. Hopefully she’ll be able to buy the house with her own mortgage in a few years.
In effect, by co-signing this is what you’re doing anyway. However, the benefit is if she stops paying, you have more options as to what to do with the house.
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