* Do not “Co-Sign” for a loan. Most of the time when you co-sign a loan for someone, it is treated exactly the same as obtaining a loan for yourself. To be more clear, if your co-signing for a car loan for your sister, the mortgage company will treat it the same as if you were buying the car for yourself. This will adversely affect your debt to income ratio.
* Do continue to make all of your regularly scheduled debt payments on time. Missing a rent payment or credit card payment during the home buying process will almost surely disqualify you from obtaining your new home.
To learn more about buying a home visit our Facebook page at Facebook.com/eaglehomeloans or call us at 931-896-2903. We serve the Nashville, Clarksville and Fort Campbell communities and specialize in VA Loans for first time home buyers.