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 msnover92571
Joined: 10 Feb 2009
Posts: 145
Location: California
0.45 Dollars($)
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 Posted: Tue Mar 10, 2009 7:46 am Post subject: FHA Co Borrower |
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| I am looking to get an FHA loan with my brother as being the co signer. Combined we make decent money but my brothers credit is bad with a repo. As on part my credit is ok 600-620 and im paying off my bills. Question is do both the borrower and co borrower need to have scores over 620 to qualify? From what ive heard they will combine ur monthly income and take the best credit score for the loan? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Tue Mar 10, 2009 8:21 am Post subject: |
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well, of course, you know the answer now, but that's okay...for the edification of all the others who'll read this: the lower of the borrowers' middle scores is always the score used. remember, "always."
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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msnover92571
Joined: 10 Feb 2009
Posts: 145
Location: California
0.45 Dollars($)
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| Posted: Tue Mar 10, 2009 8:23 am Post subject: |
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| Hi george! Yes i understand that part, But can my brother still be a co signer with a score of about 480? but his income is really good. I need him on the loan more as an additional income for the loan. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Tue Mar 10, 2009 8:40 am Post subject: |
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not unless you have a magic wand that will turn that 480 into 620 right away.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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msnover92571
Joined: 10 Feb 2009
Posts: 145
Location: California
0.45 Dollars($)
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| Posted: Tue Mar 10, 2009 9:05 am Post subject: |
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| Haha i will have to check my closet. Well i will just have to use my aunt then. She did have a BK about 2 years ago will this be a problem? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Tue Mar 10, 2009 9:43 am Post subject: |
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oh Lord...yes, that's a problem too - at least potentially. she'd need to provide a stellar explanation, and "about" 2 years ago would have to be more than 2, depehding on whether it was chapter 7 or 13.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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msnover92571
Joined: 10 Feb 2009
Posts: 145
Location: California
0.45 Dollars($)
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| Posted: Tue Mar 10, 2009 9:45 am Post subject: |
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| Yes i will get that information to you george asap. She has really good credit now as she has been responsible paid all her bills on time. I will check with her and let you know if its 7 or 13. Thanks george. |
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