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I may not have enough income history to get approved for the…

i may not have enough...

i may not have enough income history to get approved for the full loan amount....if i had this friend (or another friend/family member) co-sign for me....what is the value in that? is there a way to quantify it? Would that mean i go back to splitting the deal with my friend 50/50? Or would i be better off finding someone else to co-sign and keeping this 60/40 deal? thank you

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Customer reply replied 4 years ago

I found a duplex to invest in. My plan was to go 50/50 with my friend and we would split down payment, and all cosmetic fix-up costs and incidentals....since I don't have quite enough cash to do it myself.since I would be using an FHA loan, someone else suggested going 60/40 (majority to me) since the FHA loan would be under my name and it would allow us to do 10% down with no PMI.Turns out, I don't qualify for the full purchase amount ($550k) due to my lack of verifiable income. If i had this same partner co-sign for me....would it still be fair to split 60/40....or go back to 50/50? How can we quantify the value of a co-signer? What if i found someone else to co-sign?What would be a good way to split this deal up so it's fair to both of us?Thank you.

Answered in 48 minutes by:

6/20/2018

Real Estate Lawyer: legalgems, Arbitrator replied 4 years ago

legalgems, Arbitrator

Category: Real Estate Law

Satisfied Customers: 36,514

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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

Real Estate Lawyer: legalgems, Arbitrator replied 4 years ago

Sometimes when 2 or more people purchase property together one person will put in "sweat equity" while the other provides the needed credit limit/cash downpayment and mortgage payments (depending on how it is structured).

This allows a person that has less income/credit/cash to have an equal interest (or other interest, depending on the terms of the agreement) based on that person's time and effort in performing agreed upon services such as landscaping, remodeling etc.

Any agreement relating to real estate must be written to be in compliance with the statute of frauds so any agreement should be in writing and reviewed by an attorney to ensure the agreement has the intended effect.

Real Estate Lawyer: legalgems, Arbitrator replied 4 years ago

Some people will also see about seller financing or other alternatives to traditional financing that requires less down, lower credit scores, etc.

legalgems, Arbitrator

Category: Real Estate Law

Satisfied Customers: 36,514

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