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abbiecadin · Joined: 11 Jun 2009 Posts: 1 1.35 Dollars($)

The lender I am going thru says I need a co-signer for a manufactured home loan of $20000 because I do not have enough credit established. I have had credit cards for the past 3 years and my credit score is over 700. Do you have any recommendations?

jenkin7 · Posted: Thu Jun 11, 2009 11:20 pm Post subject:

Hi abbiecadin,

If you say your credit score is over 700 and you have had credit cards for the past 3 years, you should have enough credit established to qualify for a loan. In that case, if your income is good you should be able to qualify on your own without the help of a co-signer.

If the lender you are currently going through is unable to give you a loan, you should look for some other lenders. There are lenders in this community as well, from whom you may seek a no-obligation free mortgage quote. The community lenders check your credit score, your income etc. If you qualify, they offer you free mortgage quotes. If you think they are offering you a good deal, you can go for it. Otherwise, you can look for other lenders. As a borrower you are free to choose any lender of your choice.

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

Your credir score as you said is 700.
Its enough to get loan.
Even you have no need of co-signer

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

Why you are searching for cosigner?
any specific reason.........

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

A 700 is a good score but if your credit profile includes only one trade line greater then 24 months some lenders might find that credit profile a bit risky. Now if you have several more then 24 months you obviously have established some good credit and that should not be a factor. They might have some other hesitation about approving the loan, if they are asking for a co-signor its most likely income they want to add. I would get someone else to check it out first before you do something you don't want to

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Why do I need a co-signer for a Manufactured home loan for $20000?