I am a single male buying a home my son is 21 would it be possible to add him on my mortgage to build credit?

His credit score is low and I want to help him build it and what better way then buying a home. Would this be smart? How would I go about doing this? would i just have to refinance with him on the loan?I am a single male buying a home my son is 21 would it be possible to add him on my mortgage to build credit?
VERY bad idea. You will have to refinance to add him to the loan. If his credit is poor, that will affect the interest rate on the new loan.





Your son would also be on the deed to your home and own half, even tho he pays nothing. You would need his signature to refinance again or sell. If someone wins a judgment against him, they can lien your home.





Adding him as an authorized user on one of your credit cards doesn't work anymore either. Authorized users no longer get the benefit of the cardholders good credit.





Your 21 year old son should get a credit card, even if he has to get a secured credit card (pay $x deposit used as collateral). If he uses the card and pays it in full every month, he will build his own credit.I am a single male buying a home my son is 21 would it be possible to add him on my mortgage to build credit?
I highly doubt they'll let you.





If you want to build your son's credit, you can add him to one of your credit cards as an authorized user. HOWEVER, not all credit cards will report authorized users. So, be sure to check with your credit card company before adding your son. I know that Bank of America does NOT report authorized users. I think that American Express will. (P.S. if he has bad credit I wouldn't tell him he's an authorized user. You are solely responsible for any debt he creates.)
they will take into account his credit when making the underwriting on you as well-- no
i dnt think u can but mabey theyll take into consideration