Can some one other than your spouse co sign when getting a home loan?

I am wondering this because my husband asked his parents to co sign for us to buy our first home. I think we should wait. We are in no way ready to buy a home so I agreed to let him try this way. We have no money to put down or to put toward closing costs. He does not relize how much money we need to do this. He keeps saying that they can put the closing costs in with the loan and the home inspections. I know that you can't put everything in with the cost of a home. How do I help him understand we are not ready for his big step yet?Can some one other than your spouse co sign when getting a home loan?
Sit him down with a good financial planner and let a 3rd party professional break the news. That way you step out of the fray and he doesnt think you are just raining on his parade.Can some one other than your spouse co sign when getting a home loan?
To be honest if you can't afford to put any money down, then you are simply not ready to buy a house. There are so many extra cost after you own a house you need to be prepared for. Many are unexpected. It will also be very difficult to buy a home with no money down these days.
The short answer is yes, someone other than your spouse can co-sign on a loan. But you'll still be depending on your/his parents and the whole point of buying your first home is being independent. Usually home inspections are paid out of pocket by the proposed buyer and is nonrefundable if you don't go through with the purchase. You should also remind your husband that there are other incidental costs involved with owning a home, not just the mortgage, such as home insurance, maintenance, homeowner association fees, etc. Also, if you don't put atleast 20% of the purchase price as a down payment, you will be required to pay private mortgage insurance (PMI) which will increase your mortgage payments. Although the market right now is a buyer's market (depending on where you live), it would be best to wait to save up enough money. Good things happen to those who wait...Good luck.