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Co-signer Scenario question

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sp_lomax Joined: 03 Sep 2010 Posts: 1 1.40 Dollars($)	Posted: Fri Sep 03, 2010 12:23 pm    Post subject: Co-signer Scenario question Like 0 Dislike 0 My wife and I relocated to Nevada recently and would like to buy a house here. We both have credit issues with a 1.5 year-old foreclosure and credit card debts. We are currently addressing those debts. My mother has offered to co-sign on a home loan for us. She is retired in CA, has pristine credit and six figures in savings, etc. She owes nothing on her home. My wife and I have been in our new jobs for 1 year each and have combined income in six figures annually. Before I possibly look silly trying to get a loan, I thought I would ask some questions. First, can lenders strictly consider my wife and I for income, and my mother for credit on a loan, or will everyone's credit be considered? If all parties included, what debt ratio do my wife and I need for a conventional loan? I have several other questions, but will hold until next post. Thanks in advance, Spencer
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Fri Sep 03, 2010 8:10 pm    Post subject: Like 0 Dislike 0 Hi sp_lomax! Welcome to forums! The lender will consider your mother's credit for originating the loan if she cosigns for you. However, after a foreclosure, you should wait for 3-4 years at least in order to get good interest rates on a mortgage. In order to get a conventional loan, you and your wife should have a debt to income ratio of 28/36. Feel free to ask if you've further queries. Sussane

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