Is there a benefit to a strong co-maker?

Dlez10 · Joined: 29 Nov 2007 Posts: 3 1.82 Dollars($)

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.

kpatrick · Posted: Fri Nov 30, 2007 11:47 pm Post subject:

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

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

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.

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