I have no assets do I need a co-signer?

mburke1078 · Joined: 20 Jul 2008 Posts: 1 1.44 Dollars($)

I am a first time home buyer in Northern NJ. As of now I have about 12k for a down payment, my credit score is 770 and I will be starting a new job in September making 53k, I have two side jobs were combined I bring in about 5k a year. While I have an IRA there is only $1700 in it, and I have several bank accounts. I have no credit card debt, and only owe 3k in student loans and 5k on my car. I am looking to buy within the next 3 months or so. Will I need someone to co-sign for me?

Guest 0.10 Dollars($)

You will not need a co-signer. Keepa making all student loan and car payments on-time.

brian1 · Posted: Sun Jul 20, 2008 8:21 pm Post subject:

How much are homes in your area?
How much debt do you have monthly
Before getting to excited make sure you are going to qualify based on your debt to income

Good Luck
Brian

Jeanette · Posted: Mon Jul 21, 2008 5:25 am Post subject:

You will qualify base on your score which is excellent, when they run your credit report your DTI (debt to income ratio), the price of the property that you are looking for. In other words, try to get something that you will be able to manage the monthly payments. So far, based on what you have mentioned, you should have no problem qualifying. By the way, your $12,000 downpayment is your assets.

Good Luck,

Jeanette Smith
Mortgage Planner
Union Mortgage Group

gmakerley · Posted: Mon Jul 21, 2008 7:38 am Post subject:

it all sounds good so far, mburke. as a first-time homebuyer, i would suggest you look into hmfa (housing & mortgage finance agency), which offers an array of products at excellent rates. you'll find that a loan through a state agency is far more favorable than a typical conforming loan.

sweeney · Posted: Mon Jul 21, 2008 1:51 pm Post subject:

What purchase price do you want?

It's always a good idea to get pre-approved for the mortgage before you go shopping so you know where you stand.

evolovik26 · Posted: Mon Jul 21, 2008 9:34 pm Post subject:

Depending on the price of the home you looking to buy you should not have any problems. With FHA you need no assets and only 3% down, with conventional loan you might need 5-10% and will need 2 mon worth of assets.
So as soon as you get that 1st paycheck from new job you should be good.
Talk to a broker/banker you trust and good luck.

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