setion 8 and food stamps, disab. question

[josuer302]

hello! my mother is worried that if she co-applies with on my home equity line of credit application that it will harm her chances in getting section 8 and food stamps . will a home equity application have any bearing in my mothers applications, she lives in fl and makes about 20,000 a yr thank you.

 

[Ohiogal]

hello! my mother is worried that if she co-applies with on my home equity line of credit application that it will harm her chances in getting section 8 and food stamps . will a home equity application have any bearing in my mothers applications, she lives in fl and makes about 20,000 a yr thank you.

It could because that is an asset.

 

[sandyclaus]

I'd have to agree with OG.

The whole point to food stamps and Section 8 are that they are programs available for those who have very low income and assets to use for food and housing.

If she co-applies for the home equity loan with you, then it means that line of credit will be available just as much for her use as for yours. Those funds would need to be included as assets that could be used to pay for that same food and housing that the government programs are covering for her now. If the loan is significant (and since it is a home equity loan, we are probably talking several thousand dollars at the very least), then as a major asset, she could end up losing her food stamps and Section 8 benefits.

 

[Onderzoek]

Any time a person on public assistance starts mingling their money and ownership with other people it can affect public assistance benefits. So it would be foolish for your mother to do that.

But another question you should consider is why do YOU need your mother's signature? Is it to qualify? That sounds like you are asking the bank to lend you more money than you can afford to pay back. Sounds like the though processes that caused the recession. Bad idea for you.

 

[josuer302]

Shes not on public assistance now, but believes she will be in a few years .shes not giving any money and doesn't own anything herself just co signing. I need her to co sign not becuase am asking for more than I can pay back but because am 22 and my credit isn't that great even though I've ben paying on my house for more than a yr. But thank you for the advice and blame. I think am actually helping the economy by buying a house and keeping the "american dream" going even though its
not as popular now.

 

[josuer302]

Sandy- the loan is for 25000, thank you for clearing up the fact that she would have to claim that as an asset. Shed be getting these benefits because shes be caring for my disabled uncle. And therefore wouldn't bee working at all. Would a 25000 heloc have that much bearing as an asset? Thank you

 

[ShyCat]

One should never co-sign for a loan unless willing and able to make the payments themselves.

 

[Proserpina]

One should never co-sign for a loan unless willing and able to make the payments themselves.

Agreed.

Does Mom understand that if you default, OP, that SHE is responsible?

Can she afford the payments herself?

Can YOU afford the payments yourself?

 

[Antigone*]

The home equity loan would be a liability not an asset. How is the bank going to allow her to co-sign the loan with you if she does not have ownership in the house?

If you cannot afford this home on your own, or if your credit is not strong enough to stand alone, then honey this is not the American dream. You'll be adding to the American nightmare.

 

[josuer302]

(SIGH) I asked a question regarding eligibility into gov. benifits and whether a cosign on a loan would be seen as a liability or an asset by the gov. a couple of you have turned this into a question of my ability to repay a loan or my house in general and how I will to be adding to the recession. I bow to those of you who have the ability to sidetrack a question with no knowledge of what their stating. at no point in this conversation did I say I say I cannot afford to make payments on the house itself or on the line of credit, rather I needed the loan for a down payment of a second home but do not have sufficient credit due to my time in this world. I will be unsubscribing from this thread so feel free to banter and ask more irrelevant questions about my simple question.

 

[Proserpina]

(SIGH) I asked a question regarding eligibility into gov. benifits and whether a cosign on a loan would be seen as a liability or an asset by the gov. a couple of you have turned this into a question of my ability to repay a loan or my house in general and how I will to be adding to the recession. I bow to those of you who have the ability to sidetrack a question with no knowledge of what their stating. at no point in this conversation did I say I say I cannot afford to make payments on the house itself or on the line of credit, rather I needed the loan for a down payment of a second home but do not have sufficient credit due to my time in this world. I will be unsubscribing from this thread so feel free to banter and ask more irrelevant questions about my simple question.

When you're upside down in a couple of years, I'm sure the kind volunteers will remember your graciousness and be eager to help you again.

 

[Antigone*]

(SIGH) I asked a question regarding eligibility into gov. benifits and whether a cosign on a loan would be seen as a liability or an asset by the gov. a couple of you have turned this into a question of my ability to repay a loan or my house in general and how I will to be adding to the recession. I bow to those of you who have the ability to sidetrack a question with no knowledge of what their stating. at no point in this conversation did I say I say I cannot afford to make payments on the house itself or on the line of credit, rather I needed the loan for a down payment of a second home but do not have sufficient credit due to my time in this world. I will be unsubscribing from this thread so feel free to banter and ask more irrelevant questions about my simple question.

My post was very relevant, you just refuse to see it. And on top of everything else you are the one who brought up the American dream.

 

[Onderzoek]

Shes not on public assistance now, but believes she will be in a few years .shes not giving any money and doesn't own anything herself just co signing. I need her to co sign not becuase am asking for more than I can pay back but because am 22 and my credit isn't that great even though I've ben paying on my house for more than a yr. But thank you for the advice and blame. I think am actually helping the economy by buying a house and keeping the "american dream" going even though its
not as popular now.

The bank doesn't think you can afford to pay it back without a co-signer, but hey, what do they know? You are 22 and a home owner for 18 months. Don't pay attention to anyone but yourself with your vast background.

My original answer stands. In order to be a co-signer on your loan, she would probably be required to be a co-owner of the asset, the house. And that could impact her ability to qualify for public assistance. She would be foolish to do what you are asking of her.