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Brittany
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Post subject: Co-signer? |
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Me and My Fiance are trying to get approved for a house and have talked to two different Loan Officers, His credit is in the 590 area and mine is in the 540 area. The two men he has talked to both told him that he cannot have a co-signer because his Credit Score has to be a 620 also, is that true? And besides getting his credit score up; which will take time, what else can we do to get approved for a loan to by a house and even use a co-signer (his father who has Excellent credit)?/
Thanks, Brittany |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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brittany, there are lenders in the nation who will deal with situations like yours, with poor credit scores. you may have to do an internet search to find them, though...most lenders are like the ones your fiance spoke to; needing 620 minimum scores. cosigners won't override a score requirement.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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cconner
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Post subject: judjment /collections |
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| when you say judgments/collections explain in detail |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Hi cconner,
When a lender files a lawsuit and gets a court order against the borrower for the non payment of the mortgage dues it can be termed as a judgment.
Many a times, due to the non-payment of dues, the lenders sells off the loan account to collection agency. This means that the loan has been sent to collections.
_________________
Procrastination is the enemy of your financial success |
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T
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Post subject: |
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| Is it possible to get a loan approved if I can little or no income, but I have a cosigner? |
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justin85
Guest
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Post subject: HEEEEELLLLPPP!!! |
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| my fiance and I are looking at buying a house at a GREAT value, and would qualify for the 8K tax credit so we wanna move fast. The problem is...I only make 12K right now, but should be making 30K soon. She is just graduating from Grad school and should be able to get at least 30K a year as well. We do NOT have the 2 year income history though. My dad is a doctor and has great credit and great income and he has offered to co sign with us. But I have talked with one mortgage company offering FHA loans and was told that I would not qualify because of not meeting the income history requirements. Since he owns a house already, the said that they only option was for him to qualify on his own, but he would have to pay 20% down...any ideas? we can pay around 10% but that is all we would be able to afford |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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To T,
If you have a low income, then you can qualify for a loan with the help of a cosigner. However, if you've no income, then lenders will not be ready to give you a loan though you've a cosigner.
To Justin,
If your father co-signs for the property, then you won't be able to get the first time homebuyer's tax credit. If you cannot offer the required income history and down payment, you won't be able to qualify for a loan. |
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clairece1
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Post subject: need a home loan |
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| my mother in law wants to help me get a home in Georgia, she said she will cosign. my credit score is 548 hers is good but since she has other loans on her credit and not enough income i was told it wouldn't work since they were going on her credit only. We really need my income but the lender said my score was too low...is this true? |
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Robert1111
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Post subject: Qualifying for an FHA loan |
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Hi ther. okay so heres my scenerio.
Im trying to purchase a home. 1099 employee with tax returns for 2009 at about 56k. 2008 as a w-2 employee about 19k. My credit score is around 680. Apparently the bank need me to have a co-signer. My father made about 70K but his score is about 495 (Cosigned for my Iiddiot brother who paid late a few times.) Could I still qualify? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10169
Location: Nevada
944.91 Dollars($)
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Post subject: |
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Hi clairece,
It is true that if your mother-in-law has other debts to satisfy, then your lender will not allow her to cosign for your loan. If you do not have the required credit score, then you won't be able to qualify for a loan. You can check out if you can get any other cosigner who can help you in getting a mortgage.
Hi Robert,
If the cosigner has negative items on his credit report, then the FHA lenders will not let him cosign for the loan. You've mentioned that your father has late payments mentioned on his credit report. This may affect his eligibility for cosigning the loan.
Thanks |
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DDP
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Post subject: |
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My Husband and I just short saled our house, and our credit scores are now not so good (low 600s). My father who owns his house and has excellent credit is willing to cosign for us on an FHA loan. My husband and I make enough money to buy a house on our won, but because of the recent short sale, and our credit being kind of bad, I think it will be very difficult for us to get approved on an FHA loan by ourselves.
We have about $25K for a down payment. What are our chances of my father being able to cosign and help us get approved for an FHA loan?
You advice is much appreciated. |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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Though your father cosigns for the loan, I don't think you would be able to qualify for a loan. This is because, after a short sale, you will have to wait for 2-3 years in order to get a FHA loan.
_________________
Good is the Enemy of Great. |
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BrianL
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Post subject: I am a student with $8000+ income for the last two year tax |
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Hi Jassica,
I am a student with $8000 taxible income for the last two year. Now I am
accepted by Tufts Medical school as a PH.D student with full tuition wave plus
$30K stipend. Therefore, I want to be a home owner. The property I want to
buy is a condo in MA. The final purchasing price is $386,300. I will put 20%
down and want to borrow $306,640 from bank. My question as follow:
1. The closing date of the property set on May 17. But untill September I have
not able to get my first pay check. However, as I said before I do have some income in the last two years. In this case, do I qualified to be a FHA loan borrower?
Thank you so much for your help
Brian |
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Jasmine
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Post subject: |
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| As you do not have any income at present, I don't think you would qualify for a FHA loan. Have you informed your lender that you will get your pay checks from September onwards? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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brian, i think you're far exceeding your abilities to try to purchase a property that's selling for ten times your stipend. lenders don't ordinarily consider a stipend in calculating what you'll qualify for, either; and your inability to obtain a paycheck in the last 6+ months isn't working in your favor either. are you using a cosigner for this proposed purchase? and have you already scoped out the lending territory and feel certain you'll actually obtain a loan?
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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