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I think that it will decrease the chances me buying a house solely because I have a cosigner,( and having a cosigner means you have bad credit or not enough credit) right?

Will it be better if I financed a car under my own name and not have a cosigner and buy a house?

Inputs are greatly appreciated. Thanks 🙂
Sorry, I forgot to add, its a Leased car. Will that also matter?

4 Thoughts on My mom is the cosigner for my car, will that effect me buying a house?
  1. Reply
    myohmymyohmy
    October 29, 2011 at 1:11 am

    if you want a house, don’t buy a car now. you have to buy a house first and then the car later. otherwise, you will never get a house till your car is paid off. and yes, having a co-signer means you don’t have enough credit of your own. your mom will only help, not hurt.

  2. Reply
    panty t
    October 29, 2011 at 1:25 am

    Buy the house first because an auto loan will only add to your debt ratio which you want to be low. A new auto loan can make you lose your chances for a loan. My brother just bought a house and he was forced to pay off his auto loan in full in order to be approved for his home loan.

  3. Reply
    MadMan
    October 29, 2011 at 1:43 am

    If you cannot get approval for a car loan on your own you will not get a mortgage.

  4. Reply
    mykatesmom
    October 29, 2011 at 1:47 am

    I think that if your credit score is low enough for you to need a co-signer on a car lease, then it is probably not good enough for you to get a mortgage.

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