Architectural Designs

Can my parents co sign my small mortgage?

I have loads of money saved up and plan to get a small mortgage for a small house. I have 2 years of school and dont plan to work much during those 2 years. I will be having a roommate paying rent which will be pay my mortgage and a little bit more each month. I know if you dont have a full time job it is hard to get a loan. Since my parents know I have money and will be fine not working much, can they co sign for a mortgage?

Public Comments

1. that is up to the lender.
2. Your parents can co-sign if they qualify for the mortgage, but it is a heavy burden to put on them. If you aren't putting at least 30% down, I wouldn't want to do that to any parents, as it could damage their credit, and even if you do pay on time it could make it hard for them to get loans themselves. Paying roommates often don't work out, students move on graduation, and there is a lot involved in upkeep on a home. You would be acting more financially responsible by using your loads of money to just rent a place for the next two years.
3. Given that you don't work, it is very likely that the lending institution will ask for co-signers. Your parents can be co-signers (if their credit is good of course). In the (very) unlikely event that the lending institution does not ask for a co-signer (let us say it it is their day to do a good deed), do not even mention the word co-signer. If you are in trouble, your parents could always help you then (although they would have no obligation to do so)
4. You won't get a loan without a 2 year work history Wait until you are done with school to worry about buying a house.