Co-Signer for FHA loan?

Guest

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.

Guest

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.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

FHA on 550 score

that looks impossible

As the guidelnes requires that the borrower need atleast 620 credit score

leeelliot61 · Joined: 13 Sep 2009 Posts: 189 20.14 Dollars($)

it has to be approved by fha. i do not think they will provide guarantee for a mortgage below credit score of 620

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

It is impossible beloe 620 in this market

gmakerley · Posted: Mon Oct 05, 2009 7:13 am Post subject:

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

I know George you are suprprised

Some times we need keep repeating to be heard or some one else will be misguided

gmakerley · Posted: Tue Oct 06, 2009 7:28 am Post subject:

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.

berhardfk · Joined: 13 Oct 2009 Posts: 1 1.16 Dollars($)

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)?

gmakerley · Posted: Tue Oct 13, 2009 10:09 am Post subject:

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!

Guest

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?

gmakerley · Posted: Sat Oct 17, 2009 6:07 am Post subject:

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.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

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

kas_mah80 · Joined: 06 Sep 2009 Posts: 31 -3.10 Dollars($)

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

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Kash your answer does nto make sense for this topic

All times are GMT - 7 Hours
Previous 1 2 3 4 5 6 Next
Page 4 of 6