I could use some advice about a tricky situation. My parents, who are undocumented immigrants, have asked if I would let them use my SSN and credit history to apply for a mortgage since they can’t get a good deal on loans due to their status. They’re very financially responsible and I trust they would make the payments, but I’m concerned about how this might affect my own financial future.
They’re looking to buy a new house because we’ve outgrown our current one, but I’m worried that having a mortgage in my name might make it harder for me to move out, get loans for things like college, or even refinance my car, which I want to do.
I don’t know what to do. I feel selfish for being hesitant, but I’m worried about the impact this will have on my future. Any advice?
Unless you’re the one making the income in the household, you probably won’t qualify for the mortgage. Lenders usually don’t let more than a small percentage of the down payment come from outside sources either, so it might be a tough sell if you don’t have significant savings.
Absolutely do not do this. It’s considered mortgage fraud, which is illegal, and it could lead to your parents getting deported and you facing criminal charges. I understand wanting to help, but this puts your future at risk. No car loans, no college loans, no apartment rentals if something goes wrong. There are legit programs that help undocumented families with housing—have them look into those options instead.
You mentioned wanting to refinance your car and financially separate from your father—why would you want to tie yourself down to a mortgage with them? Also, if you’re worried about paying for college, would a bank even approve you for a mortgage? They’ll check your income and expenses carefully.
@Nyle
Apparently, a realtor told my parents that I’d qualify based on my savings, but I’m still unsure about how much financial freedom I’d lose by doing this.
Lyle said: @Nyle
Apparently, a realtor told my parents that I’d qualify based on my savings, but I’m still unsure about how much financial freedom I’d lose by doing this.
Don’t trust the realtor on this. Speak to a loan officer and get a clearer picture.
Lyle said: @Nyle
Apparently, a realtor told my parents that I’d qualify based on my savings, but I’m still unsure about how much financial freedom I’d lose by doing this.
It sounds fishy. If you can afford a mortgage, why can’t you pay for school with that same savings? And yeah, having this mortgage in your name would definitely affect your ability to get loans in the future. Plus, if your parents miss a payment, it’s your credit that will take the hit.
@Nyle
I could maybe pay for a year of school, but not the whole thing. And yeah, that’s my concern too—taking on the mortgage could seriously limit my financial options.
Are you prepared to be financially responsible for this mortgage for up to 30 years? If something happens and your parents can’t pay, are you ready to take on those payments yourself? This could seriously limit your ability to buy your own home or take out loans for years. I’d say no.
@Hollis
That’s exactly my thinking. But in my culture, helping family is a big deal, so I feel guilty for not wanting to do it. I just don’t want to take on something that could ruin my financial future, even though I trust my parents.
If you’re going to be in this with your family for a few years, then go for it—just make sure the house is legally yours. But if they’re just using you for a favor, I’d say absolutely not.
When I was 18, my parents offered me a house with the mortgage in my name, and I didn’t take it. Biggest mistake of my real estate career. I own several homes now, but that was the one that got away.