Buying A Home With My Sister And Her Good Credit

hecrec174

LoanSafe Member
Feb 16, 2010
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Hi all, I had a question. We finally got rid of the second loan and now have some equity. The home is worth about 410 to 450k, and the mortgage owed is 389k. My wife wants to sell and move to Long Island but we have a problem. The last few years have been hard on our credit.

My sister is looking for a home , and has great credit. My wife and I make a good amount of money (more than my sister). We were thinking that we could buy a home together using my sister's credit and our incomes. The proceeds from the sale of our home would go towards a downpayment and me and the wife would pay most of the mortgage.

Does this sound like it could work at all? Would a bank sign off on that (her credit plus our incomes)? Any ideas? thanks so much.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Southern California
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Hello,

Lenders normally use the borrower with the most income as the primary borrower by default. That will not work if either your wife or you make more money individually than your sister. But if your sister makes more money alone than you or your wife individually that that will work.

There may be some subprime lenders who may allow you to use the borrower with the highest credit score, regardless of who makes more money. There are some lenders who will also consider using the co-borrowers score.
 

jay_rogers

LoanSafe Member
Oct 13, 2015
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I recommend you to go with some home buying authority who provide unique mortgage products, strategic alliances, and innovative services & support thousands of families become home owners.
 

andy_lewis

LoanSafe Member
Oct 20, 2015
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Hii hecres,

This is a great idea. Can you give me your proffered location? I know some of the Home buying authority who support family to buy their own home with less down payment & home support services.