WILL A CO-SIGNER HELP IF I DON’T HAVE ENOUGH FOR A DOWN PAYMENT?
Author: Boychuk Mortgage Group |
Unfortunately, in this case, having a co-sign would not change the amount you are required to put down for your down payment.
When adding a co-signer, you are looking to add income to your application in the hopes of increasing what you can ultimately qualify for.
When a greater down payment is needed, we would then look at options such as gifted funds, home equity lines of credit, a co-signer with additional down payment funds, or putting together a plan to help you save for your future home.