I want to help my kids buy a house; one is 20 and the other is 18. Neither one has any credit, but they both go to the university and have worked part-time for the last two years. They can put down the down payment, but can not make the payments. I'm willing to make the payments until they get out of college and get a decent job. Is there any program that would allow all of us to be on the loan and make me a cosigner/responsible for the loan without looking at their credit score, since they do not have any credit? I have been told that every person on the loan document has to have a credit score of 690-720.
The individual credit qualifications are up to the lender. In today's lending environment though, an easy approval would be difficult in any case.
The whole matter really hinges on your credit qualifications. It used to be common in college towns to have a parent buy a property and use it as a rental with their child as one of the tenants. You are going one step further and offering to have the child sign on as an owner. There shouldn't be any problems here.
What may be an issue is any expectation you would have of being removed from the debt in the future when you want each child to assume payments. That may happen only after they have better established themselves and built up equity in the property and could then refinance the debt in just their names alone. Call one or more lenders in the area of the property, or your own bank if that is different. It never hurts to ask.
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The individual credit qualifications are up to the lender. In today's lending environment though, an easy approval would be difficult in any case.