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CREDIT REQUIREMENT
Guest
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Post subject: CO-BORROWERS |
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| Credit score requirements differ from lender to lender. Example: I can lend down to 550 on FHA loans (10/2/2009). If you co-borrower makes the loan stronger through income or some other compensating factor and his credit is above the 550 mark, it might help. |
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CREDIT REQUIREMENT
Guest
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Post subject: CO-BORROWERS |
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| Credit score requirements differ from lender to lender. Example: I can lend down to 550 on FHA loans (10/2/2009). If you co-borrower makes the loan stronger through income or some other compensating factor and his credit is above the 550 mark, it might help. |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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Post subject: |
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FHA on 550 score
that looks impossible
As the guidelnes requires that the borrower need atleast 620 credit score |
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leeelliot61
Joined: 13 Sep 2009
Posts: 188
0.01 Dollars($)
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Post subject: |
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| it has to be approved by fha. i do not think they will provide guarantee for a mortgage below credit score of 620 |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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Post subject: |
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| It is impossible beloe 620 in this market |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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WOW
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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I know George you are suprprised
Some times we need keep repeating to be heard or some one else will be misguided |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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if there's a lender out there who can offer loans and actually get them approved at scores as low as 550, that eliminates the conjecture about 620 being the minimum. yes, 620 is a "guideline," but it is a specific lender's guideline and perhaps even most lenders. however, if fha will continue to insure loans that have lower scores - again, down to 550 - then the applicable score for people is actually 550, as long as they're doing business with those specific lenders who have that guideline.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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berhardfk
Joined: 13 Oct 2009
Posts: 1
1.16 Dollars($)
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Post subject: Difference between co-borrower and co-signer |
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A non-occupant co-borrower is on the mortgage and on title.
A non-occupant co-signer is not on title and not on the mortgage.
Is it possible to support a borrower through my own credit without being on the mortgage but having a name on the title (as a security for myself)? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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if you cosign then you are "on" the mortgage. the mortgage is the debt. if you are on title as well as on the underlying debt, that makes you an owner. most people needing cosigners are not looking for another owner. if you are not secure in your cosigning, guess what! don't do it!
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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lissette
Guest
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Post subject: co signor/borrower |
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| if i sign to be a non occupying co signor or borrower for my son in a different state, for a 1 family home on fha would the home i own be compromised at all if the mortgage payments were not met? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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it is possible, yes; but it's a long-term solution. clearly, long before your own home would be at jeopardy, you'd have had ample opportunity to resolve the other situation.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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Post subject: |
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lissette
Yes it is possible. If the payment is not done on the house you co-sing as agreed there is a good possibility that the lender can come after your assests after a court judegement
But also rememebr it is nto only your assets but your credit historywill also have a big impact |
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kas_mah80
Joined: 06 Sep 2009
Posts: 31
-0.11 Dollars($)
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ithink you need to talk with other lender, fha min requirement 620 credit score and your credit scores up to that you are easily take fha loan because your credit score is fair.
regards |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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Post subject: |
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| Kash your answer does nto make sense for this topic |
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