Both my wife and I have had some trouble in the past with our credit scores. They are currently in the low six hundreds. We will have virtually no debt within a month or so, and make about $90, 000 / year. We are trying to look for a $200,000 mortgage, but I haven't made a move yet because we are nervous about our poor scores. Would a co-signer help? Any suggestions?
2007-02-25 11:56:40 · 7 answers · asked by Michael D 1 in Business & Finance ➔ Renting & Real Estate
Co-signers are good in therory but in reality what you are doing is risking further credit damage by an outside source ie your co-signer. Co-signing puts you in a symbiotic relationship when someone elses desicisons affect you. My advice? Under no circumstances whatsoever cosign unless the cosigner is you simamese twin, and only if hes trustworthy.
2007-02-25 12:04:12 · answer #1 · answered by Matticus Kole 4 · 0⤊ 0⤋
I'm a back-of-the-house mortgage industry professional. I'm in no way trying to sell you anything or have any interest in selling you anything. With that said, you should have no problem getting a mortgage. Even at 100% financing. Your scores, while certainly not stellar, are much higher than most people who consider sub-prime loans. And with your income and relatively low mortgage size, you've got an easy loan.
Ask your loan originator about both FHA loans and Fannie Mae MyCommunityMortgage or the Freddie Mac version. These programs are designed to help get people like you into homes they own. The FHA product is good for people will slight credit issues. (Like you.) The MCM carries very low mortgage insurance and is relatively easy to qualify under.
Good luck!
2007-02-25 12:44:06 · answer #2 · answered by CJKatl 4 · 0⤊ 0⤋
Start calling/researching online various mortgage companies and find out. With your combined salaries, you should be able to get a mortgage despite the poor credit--your interest rate will just be high. A co-signer with good credit would definitely help your interest rate. This is a helpful site with loan articles and information about home loans. Good luck! http://loan.divinfo.com/
2007-02-25 12:04:14 · answer #3 · answered by Reenie 3 · 0⤊ 0⤋
If you have scores in the 600's and have 2 years work history and rental history, I would be able to easily get you 100% financing on a new home purchase.
Sounds like with your income you would have no problem qualifying for the price range your looking for.
This would be an easy one to get done.
2007-02-25 12:20:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
This should be no problem with your scores. Even if they are a little lower you should be ok. Some programs allow for non-occupying co borrower if needed. Please feel free to email me for more details.
Best Regards,
Anthony,
www.lowermydebtnow.com
2007-02-25 13:28:17 · answer #5 · answered by lowermydebtnow.com 2 · 0⤊ 0⤋
At your income level I doubt you would need a cosigner. Either you need one or you don't.
The cosigner is 100% responsible if you don't make your payments so it has to be someone who loves you, parent, sibling, godparent, etc.
Good luck and ask the bank. If they say no, you consider your options. If they say yes, good luck!
2007-02-25 12:08:02 · answer #6 · answered by For my next trick... 3 · 0⤊ 0⤋
a co-signer will be of great help to you
2007-02-25 12:04:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋