Grandson doesn’t,have his credit rating high enough to get a mortgage. My question is can I buy for him. He has good employment and would qualify for a mortgage with in a year. How is the
Best way to do this ?
2 Answers from Attorneys
The best way is to not do it. This idea is not uncommon, but is a snakepit of bad consequences waiting to happen.
Do not co-sign. If he misses a payment you are on the hook for life no matter what. Instead, you could purchase the property and then do a lease and rent the property to him with an option to buy using part of the rent as a down payment. That way, if he losses his job, messes up his credit or walks away, then you can sell the property at a profit and keep the down payment towards the purchase. See an attorney
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