Q: I want to buy a house and my parents are going to cosign for me, but they already own their own house, the mortgage
company is saying that i have to put 20% even if my parents won't be making money on the house they are just cosign. How can i get around putting 20% down?
A: Unfortunately, the mortgage company dictates those conditions. They have the power since they are lending you the money. You could try shopping around with mortgage companies/mortgage brokers, and also check first-time homebuyer programs in your area to see if you can get a better deal. I assume that a private loan from your parents or someone else isn't an option. That would be an easy fix.
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