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If you are young and have no credit yet, can your parents cosign for a purchase loan
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Unless the laws are different somewhere else, in Louisiana you can't have someone co-sign on a real estate loan. You would have to co-own or own the property together and all sign the mortgage in solido which means everyone is responsible for the debt individually
You may not need your parents to cosign for a loan if you have no credit. Contact a local Realtor for advice on 1st time homebuyer programs in your area, and obtain a referral from him/her to a local lender who has experience in these programs.
Yes Timothy. Best thing to do is get pre-approved by a lender for all of you, so you know what has to be done to qualify for a mortgage. Hold off looking until this is complete, otherwise you could get very discouraged.
Rob Hughes-Long and Foster
This is a possibility.....Contact a lender or ask your parents who they use. Also, if this is a struggle for you there are other options like Owner Financing.
Yes, if your parents have 'good' credit they can co-sign.
Yes it can happen and what I suggest is get your parents to talk with their bank and set up the loan, then start looking for the home.
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