Matthew Gottfried Mortgage Agent - Level 2
Finding a co-signer for your mortgage is a great solution, but not everyone is comfortable taking on that responsibility. Below are three alternatives to having a co-signer on your mortgage:
1. Receiving a gifted down payment. Depending on the amount, a gifted down payment might be exactly what is needed to help qualify for a mortgage without needing a co-signer.
2. Getting a joint mortgage. Joint mortgages are popular with parents helping their children buy a first home. They give both parties equal responsibility to make payments. In return, all parties get equal ownership of the home.
3. Using buyer assistance programs like the First Time Home Buyers Incentive, the Home Buyers’ Plan, or the First Home Savings Account.
For more information, reach out for a free consultation.