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    ladbugjones's Avatar
    ladbugjones Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Sep 21, 2004, 11:41 AM
    Second Mortgage Loan
    About 3 years ago my mom wanted to refinance her home. Her credit wasn't good enough, so I'm the primary and she co-signed. My mom pays the mortgage payments every month, and has a good pay history.

    My problem is now I want to buy a home, and I have my name on my moms mortgage. How likely is it that I will secure another mortgage loan of my own. While my name is on the on the mortgage loan that my mom pays every month.

    The refinance mortgage amount is $80,000. I would like to finance a home of my own for $80,000, and I bring home after taxes $2,000.

    I hope this is enough information for my question to be answered.
    Jahiem28's Avatar
    Jahiem28 Posts: 103, Reputation: 5
    Junior Member
    		  
    #2

    Apr 9, 2005, 11:40 PM
    OK
    Should not be problem You just have to show the bank that your mother is making the payment herself and that your not using any of your $2000 a month income to assist her.
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