My parents adding me as a 3rd buyer I think if I’m looking at this email pdf correctly, my main question is will this effect me if I want to purchase my first home in the future because of the first time home buyer program or among that because I’m not really knowledgeable in buying a house which is why Im here for any help,I just really don’t want my future to be effected cause they added my name. Any help please
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Your parents cannot just “add you” as a buyer. That’s not how this works.
And yes, it can affect your eligibility for programs later.
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If they need you as a signer, they cannot afford the house. If they miss a payment, they will nuke your credit.
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Putting you in as a buyer is going to impact your ability to get credit for your own loan in the future. This is going to put you on the line for that mortgage.
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If your name is added to the mortgage you will probably be unable to qualify for your own mortgage later because this will show up as your mortgage. You would have to make enough money to pay both mortgages according to the required ratios.
If they are late paying, it goes against your credit. If it is foreclosed on, it’s your foreclosure.
Adding your name to the deed is a different matter
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Your parents aren’t approved because their finances say they can’t afford the home.
I’ve purchased 3 homes over the years and every single time the bank said I could afford way more than I actually could, including when I literally had zero debt.
If they can’t get approved then they can’t afford it. Period.
If you sign you become equally liable on the loan. You lose any first time home buyer benefits. Your loan options going forward change - you’ll already have a home.
This is a hard pass.
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Do not sign. You will compromise your ability to make purchases in the future. Trust me. My husband did it, and now it is much harder for us to get a mortgage loan because it is better to just do it under my name. Adding him increases our debt-to-income ratio.
Also, my father-in-law passed away, so I get anxious about when or if my mother-in-law will be unable to manage to pay her mortgage as she loses that secondary income, and its impact on my husband’s and my finances/husband’s credit score.
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That’s a hard pass! This will definitely affect any first time homebuyer programs you could qualify for in the future.
If your parents can’t afford what they want l, they don’t need to buy it. You going along with this is just enabling them and if they decide to quit paying on the house they take you down with them. In my opinion your parents must not care about your future and are being extremely selfish.
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They can’t just add you. You would need to sign things, like a mortgage application, TIL, and the actual note and mortgage.
If you rec’d an email from their lender or loan officer, email them back that you are not agreeing to be party to their transaction and you do not authorize the lender to add you to the loan application.
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Recently I’ve seen posts by people who discovered a parent took out loans in their names and then didn’t pay the loan off. Screwig them up big time. Parents may easily have had the personal data to apply for a loan, ie ss#, dob, addresses, employment info, etc. It seems yours did ask (after the fact but before loan approval/issuance of funds). Were I you, I would freeze my credit asap.