NEED MORE, TRY A CO-SIGNER

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CHARLOTTE – It is very common in this market to be pre-approved, especially as a first-time homebuyer, for an amount that is just under the price of where one might be seeing their dream homes.  In this case, a larger down payment would be an immediate solution, but what if one does not have any more funds to apply towards the purchase?  That is where a co-signer can help!

A co-signer can be anyone from a family member to just a friend that wants to help.  As a co-signer, one does not have to be moving into the home and can certainly have a home of their own already.  They just have to have the credit and debt/income requirements to help!  If they do, then their income and credit will be taken into account helping the “main borrower,” to be able to afford, and be qualified for a little more without increasing the down payment.



Now the main point is that the co-signer will have to provide documentation, just like the main borrower because, for credit purposes, they will be just as liable for the home.  Then if the main borrower can make 12 consecutive payments on their own, the debt will no longer count against the co-borrower when looking to purchase in the future.  This may not be the same rule for other types of loans, as it will still show on credit, but this would be the case for a future mortgage.

If one is considering a co-signer, or exploring the option, please do not hesitate to call/text/email: brandon.wolf@primisbank.com / (704) 430-6138.

Happy New Year!!

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Brandon Wolf
Brandon was born and raised in the Mint Hill area and graduated from Independence High School. He went on to play college baseball at Wingate University. Brandon met his wife at Independence HS, dated all through HS, college and got married right after college (they have a little boy due in September). Brandon has been a Mortgage Loan Officer, in Mint Hill, for over 7 years. "Mint Hill is more than the place I work, it's been my home. I grew up, played baseball, met my wife. I truly love helping people get mortgages in this town I have always called HOME" says Brandon.