First Time Home Buyer as a Guarantor / Co-Signer

http://MortgagesInVancouver.com
Hi everyone. How are you? It is Leah Coss with The Mortgage Center. And I got a phone call this morning. So I thought I would just answer this question for everybody on guarantors. Just because I actually did not know the answer to it myself. I had to find it out this morning. It was a really simple question from a lovely lady who called me, was asking about being a guarantor.
Now typically, when it comes to being a guarantor, this is where you are essentially endorsing somebody to get a mortgage or a loan who would not otherwise qualify without your help.
Whether that be because of documented income that they cannot prove or perhaps they have bad credit or not enough down payment or something along those lines. Then you can get a co signer or guarantor.
Now, her question was, if someone who is a first time home buyer is the guarantor, do they loose their first time buyer status? Now typically, as a first time home buyer who needs the guarantor.
This is why they actually have not bought a place. Because they cannot for some reason or another. But, for them to be the guarantor for someone else and the situation was, a daughter was going to be a guarantor for her parents.
Well, in that case, yes, you can do that. It all comes down to the title. So long as the person who is being the guarantor, who is the first time home buyer, is not going to be on the title, then you are fine.
But if they are going to be on the title, then yes, they will loose their first time home buyer status. So hopefully, that answers the question for all of you guys. You are also wondering that out there, if you have any other questions of course feel welcome to give me a call.
It gives me great materials to do blog posts on. Again, my name is Leah Coss. I am with The Mortgage Center and you can find me at "MortgagesInVancouver.com" and my contact info should be somewhere on this page. Thanks so much.
http://MortgaesInVancouver.com

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