John w asked in Business & FinanceCredit · 10 years ago

Can my sister cosign for me for a 9000 dollar loan if she wants to get a loan for a house soon?

I need a 9000 dollar auto loan and need a cosigner. My sister said she would if her bank says she could and still could get a house. So the question is can she cosign for me and then in a few Months still be able to get a loan for a house?

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  • 10 years ago
    Best Answer

    This will hurt her.

    When you co-sign you are just as reponsbile as the primary borrower.

    That 9K will directly reduce the monthly amount of mortgage she will qualify for.

    It will increase her debt / income ratio.

    It will also be considered "new credit" which dings her score for 6 months.

    After new credit, the loan payments will have to be steady for 2 years for the score to improve.

    BUT... the 9K will still decrease the amount of home she will qualify for due to her debt being higher.

    Wow... your sister really knows very little about credit.

    Are you sure she is ready to buy a house?

    /

  • 10 years ago

    If she has enough money for the downpayment on a house, then she could just loan you the $9000 herself and does not need to cosign. If she does not have $9000, then she cannot buy a house.

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    10 years ago

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  • Judy
    Lv 7
    10 years ago

    The $9000 would count as a liability she has, so would cut down on the amount of loan she could get and might keep her from getting one at all.

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  • 10 years ago

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