Posted on: 30th Nov, 2007 10:53 am
I have a chance to purchase three acres and two homes for the balance owed. There is substantial equity. I don't believe I can currently qualify for a mortgage due to a bankruptcy. I do have a person with strong credit who will cosign the mortgage with me. My income is high with no debt, she has strong credit. Are these things a mortgage company consider. Time is of the essence. Thank you.
Hi Delezio,
Generally speaking, co-signer's will only help you with income not credit. So if your short-coming in income, no problem...if your challenge is credit...a co-signer will not necessarily help you.
Kim
Generally speaking, co-signer's will only help you with income not credit. So if your short-coming in income, no problem...if your challenge is credit...a co-signer will not necessarily help you.
Kim
Hello Dlez,
Even I agree with Kim.
If you are the primary borrower, your credit report will be considered. If you have a bankruptcy in your credit, then you will not get an approval for the mortgage.
A co-signer simply guarantees the loan and remains fully responsible for the loan in case the primary debtor defaults in making payments.
Even I agree with Kim.
If you are the primary borrower, your credit report will be considered. If you have a bankruptcy in your credit, then you will not get an approval for the mortgage.
A co-signer simply guarantees the loan and remains fully responsible for the loan in case the primary debtor defaults in making payments.
