co-signer and poor credit single mother

I am currently considering purchasing a HUD home. I hope to qualify for an FHA loan and utilize HUD's 203k streamline loan option for any repairs. My credit is not good but I have family members with wonderful credit who are willing to co-sign for me... What obstacles should I expect to face? Also, I am hoping to get in under the nose to take advantage of the first-time home buyer credit which expires Dec. 1st. Someone mentioned to me that there are plans to extend this benefit beyond the Dec. 1st deadline...is there any truth to that?

jenkin7 · Posted: Wed Nov 04, 2009 10:16 pm Post subject:

Hi Guest,

If your credit is not good, a co-signer will be of no help to you. A co-signer can help you if your income is not sufficient enough to get approved for a loan. What is your credit score? You need at least a score of 620 to qualify for an FHA loan. As far as the tax credit is concerned, it has been proposed that the tax credit be extended beyond Dec. 1 deadline. The proposal is being considered. Industry experts believe there is a strong chance of a possible extension of this tax credit.

All times are GMT - 7 Hours

Page 1 of 1