alphamale Posted January 22, 2018 Share Posted January 22, 2018 What would you do? Personally I wouldn't co-sign a loan for anyone except close family members who I trust. 3 Link to post Share on other sites
d0nnivain Posted January 22, 2018 Share Posted January 22, 2018 You mean you can get a mortgage from an American Bank if you are not a permanent citizen or a citizen? What is the percentage of cash you need to put down on a house there to be approved for a mortgage? Here it's 20%. If I want a mortgage to buy a house of 300K, I then need 60K cash, not borrowed. If I am a student why wouldn't I use that cash to live instead? He didn't say she got the mortgage from an American bank. I also presume citizenship isn't as much of an issue in a commercial transaction as it is when somebody wants a cheaper student loan backed by the American government. Plus the mortgage is tied to the house as collateral. Once you get the education, they can't make you disgorge the knowledge. Link to post Share on other sites
Gaeta Posted January 22, 2018 Share Posted January 22, 2018 I am reading Americans need 3% down to obtain a mortgage?? Is that right? How does a student get to buy a house? How can you have enough annual earning to face mortgage payments? municipal taxes? maintenance? Heat? 2 Link to post Share on other sites
Author Lobouspo Posted January 22, 2018 Author Share Posted January 22, 2018 I am reading Americans need 3% down to obtain a mortgage?? Is that right? How does a student get to buy a house? How can you have enough annual earning to face mortgage payments? municipal taxes? maintenance? Heat? I think 3% down is negligible depending on the lender. She's actually employed full time as an RN and is going part time to school. Also in my city, a person can buy decent homes between 100 and 200 K Link to post Share on other sites
igotoverit Posted January 22, 2018 Share Posted January 22, 2018 (edited) The only person in my life whom I would ever seek that kind of favor from is my sons dad. He has personal investment here and wants me to succeed for the sake of my son. I haven't needed to ask him but had I needed to, he would be the only one. I don't think you have the ties yet to give her a loan. Edited January 22, 2018 by igotoverit Link to post Share on other sites
Gaeta Posted January 22, 2018 Share Posted January 22, 2018 I think 3% down is negligible depending on the lender. She's actually employed full time as an RN and is going part time to school. Also in my city, a person can buy decent homes between 100 and 200 K Maybe it's because l work in finance but if you are in school (even working) and need student loans to get by then you don't go buy a house that will tie down all your liquidity and revert to student loans to make ends meet. Bottom line you don't know her enough to co-sign. How much are we talking about? On top of that she's a foreigner which means you know only what she tells you. Link to post Share on other sites
LivingWaterPlease Posted January 22, 2018 Share Posted January 22, 2018 (edited) So basically, she's been approved for her green card, but she hasn't gotten the actual documents yet. She is here legally in the U.S. on a work permit. She's been here in the U.S. for about 15 years. I don't live with her. She has her place and I have mine. I've never gotten the "mooch" vibe from this woman. In fact, when we go out, she insists on paying alot of the time. She's also employed as an RN. If a bf asked me for a loan I'd get the "mooch" vibe! Just because your gf offers to pay for dinner from time-to-time is no sign you'll get your money back if you loan it to her. I would give my kids a loan, that's it! Though they are people of high integrity, I would do it realizing something could happen to them so that they could no longer work and pay it off and that it may turn out to be a gift. I dated a guy who loaned his business partner quite a bit of money. The partner died unexpectedly and he was never able to get his money out of his partner's estate. He lost it all. Edited January 22, 2018 by LivingWaterPlease 3 Link to post Share on other sites
Gr8fuln2020 Posted January 22, 2018 Share Posted January 22, 2018 ...for someone I dated for 6-months??????? NO. 3 Link to post Share on other sites
basil67 Posted January 22, 2018 Share Posted January 22, 2018 If you are wealthy and can afford to never see the money again, then by all means cosign. 3 Link to post Share on other sites
Art_Critic Posted January 22, 2018 Share Posted January 22, 2018 No.. not in a million years.. BTDT, my ExW was in my pockets while we were dating for issues with her business and it never changed thru out the marriage.. It isn't normal for someone dating to ask for money...EVER... 1 Link to post Share on other sites
Mr. Lucky Posted January 22, 2018 Share Posted January 22, 2018 We've dated 6 months and are somewhat serious. What would you do? Think about this scenario - you cosign the loan and, at some point, she can't make the payments. Assuming you're still together, how would you handle that possible outcome? Relationships are already hard - and the good ones are the hardest - so I'd avoid the extra layer of complication a financial obligation brings... Mr. Lucky 1 Link to post Share on other sites
No_Go Posted January 22, 2018 Share Posted January 22, 2018 How could she get credit AT ALL for a house while not an American citizen?? Yeah she can actually. I bought my house as a Green card holder (permanent resident) with no issues. You just need credit history, which you can build very easily in a couple of years if you know what you're doing. Actually I tried to buy house on a visiting researcher visa (J1) and I would have got it back then if I had a bigger down payment. Credit in US is easy, shockingly easy to get.... Having said this: I think she's lying. She's trying to con OP. I doubt the house is hers. Actually he can check this but it doesn't matter because he shouldn't cosign with her in any case, it is insane to even contemplate it... You need a good credit to buy a house AND you need a cash down. How can she have a good credit enough to buy a house but not good enough to get a student loan. How could she get credit AT ALL for a house while not an American citizen?? Also why is she looking to take a student loan if she had enough cash to put on a house? Her story doesn't hold together. Link to post Share on other sites
Art_Critic Posted January 22, 2018 Share Posted January 22, 2018 If you do cosign you do realize you are the one ultimately responsible for the payments and when something in the relationship causes a hiccup she will stop making the payments and you will have to make them.. No matter what someones intentions are in the beginnings as soon as heartache happens in a relationship all bets are off... BTW, BTDT with my ExW too.. got loans for her business in my name only to have her stop making the payments when we separated so I had to make them till the court ordered her to. 1 Link to post Share on other sites
Author Lobouspo Posted January 22, 2018 Author Share Posted January 22, 2018 To be fair, she hasn't directly asked for me to cosign. She did say as a last resort if some of the other financial aid stuff doesn't work out, she would need an American co-sign for the student loan at Wells Fargo she had in mind, but only as a last resort, so like I said she hasn't asked me directly Link to post Share on other sites
Mr. Lucky Posted January 22, 2018 Share Posted January 22, 2018 she would need an American co-sign for the student loan at Wells Fargo she had in mind, but only as a last resort, so like I said she hasn't asked me directly Come on. Would she be approaching people on the street and offering them the opportunity ??? Mr. Lucky 1 Link to post Share on other sites
Author Lobouspo Posted January 22, 2018 Author Share Posted January 22, 2018 Lol.....no....she does have family here who are American citizens but conveniently mentioned that her sister has refused to cosign in the past Link to post Share on other sites
RecentChange Posted January 22, 2018 Share Posted January 22, 2018 Co-sign for her if.... You are able to pay the debt in full (its a possibility). They want an American to sign in case she up and skips town.... then they will go after you. You are cool with this debt affecting your credit score. You are fine with how debts like this often negatively affect relationships (ever hear never loan a friend money, give it to them). How long has she owned a house? Can she not re-fi and pull the school money from her equity? (I work in real estate in the US, citizenship is not a requirement for buying or getting a loan on property. The bank has collateral, the real estate, you don't pay? They foreclose. This school loan does not have collateral - hence wanting a co-signer to secure the loan (and any judgments regarding unpaid debt could put a lien on your house etc if you own one). 1 Link to post Share on other sites
Cookiesandough Posted January 23, 2018 Share Posted January 23, 2018 dont freaking do it !! if you have the money and don't mind not seeing it again just loan it to them 2 Link to post Share on other sites
LivingWaterPlease Posted January 23, 2018 Share Posted January 23, 2018 To be fair, she hasn't directly asked for me to cosign. She did say as a last resort if some of the other financial aid stuff doesn't work out, she would need an American co-sign for the student loan at Wells Fargo she had in mind, but only as a last resort, so like I said she hasn't asked me directly Did that sound like a hint to you, Lobouspo? Does she know other Americans she could ask? Link to post Share on other sites
basil67 Posted January 23, 2018 Share Posted January 23, 2018 I'd be interested to know why the sister won't co-sign. 1 Link to post Share on other sites
d0nnivain Posted January 23, 2018 Share Posted January 23, 2018 I am reading Americans need 3% down to obtain a mortgage?? Is that right? How does a student get to buy a house? How can you have enough annual earning to face mortgage payments? municipal taxes? maintenance? Heat? It is true. It is also the reason there was a housing crisis. Lol.....no....she does have family here who are American citizens but conveniently mentioned that her sister has refused to cosign in the past Think about that. Her sister who knows her track record won't do it. You are a fool if you co-sign because it's going to cost you big time. She will get the education; you will get the bill & some other guy will get her. She works as an R.N. Maybe some rich doctor can co-sign for her. 5 Link to post Share on other sites
No_Go Posted January 23, 2018 Share Posted January 23, 2018 I am reading Americans need 3% down to obtain a mortgage?? Is that right? How does a student get to buy a house? How can you have enough annual earning to face mortgage payments? municipal taxes? maintenance? Heat? Sadly, that's about right. In my state - 3.5% is the minimum I think. As an European (not used to this system) I'm still shocked to the massive amounts that lenders were okay giving me - like 30-50% more than what I asked. It is insanely easy to get loans, and NOT at all easy to maintain the payments afterwards. OP's GF is entering a slippery slope that he should NOT encourage or enable her to go for. He'd slide down with her before he knows it... Link to post Share on other sites
Robert Posted January 23, 2018 Share Posted January 23, 2018 Let's keep the posts helpful and topical please. Link to post Share on other sites
PegNosePete Posted January 23, 2018 Share Posted January 23, 2018 She did say as a last resort if some of the other financial aid stuff doesn't work out, she would need an American co-sign for the student loan at Wells Fargo she had in mind, but only as a last resort She was presumably hoping that you would offer, but hopefully your response was a rather dismissive "uh-huh" or something. Hopefully she got the hint that your lack of an offer means "no" but she may have simply been laying the groundwork for asking the question at some point. So if I were you I'd assume the question will come at some point, and plan a firm but polite refusal which doesn't hurt her feelings or harm your relationship. Link to post Share on other sites
Author Lobouspo Posted January 23, 2018 Author Share Posted January 23, 2018 Ok, you all have convinced me this whole thing is fraught with risk. I kind of hinted that I would be open to doing this with her. How so I say no with causing problems or hurting feelings? 1 Link to post Share on other sites
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