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 vh_dan
Joined: 17 May 2009
Posts: 2
2.40 Dollars($)
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Posted: Sun May 17, 2009 5:22 pm Post subject: Co-signer necessary or..?
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Hello. I'm a first-time home buyer/shopper, and have questions regarding co-signing.
My situation is that I'm a self-employed private music teacher. My income last year was small ($6-7000) as I was just starting, but this year will likely be far higher ($18-19000). Naturally, I cannot prove this beyond producing teaching schedules and projected income. I will also have at least an extra $3-4000 in total income for a composing job (much of that received already).
I'm 28, and I have a great but very-limited credit history (less than one year). I have a local bank that I deal with and have spoken with the VP regarding credit cards, etc. My father and I are shopping for a less-than-$55,000 home for me, and having pretty good luck. He is willing to co-sign (has a great job and near-perfect credit) for me, but he thinks I might be able to get a loan on my own. I will easily be able to put $5-6000 down on the home.
What I'd like to know is, do I have basically no chance of qualifying for a loan on my own (this is what *I* believe), or are there situations where someone in this kind of position would be considered? Would an FHA loan improve my chances a lot? I'm convinced he'd have to co-sign for me, but I of course hope that is not the case (we're both well aware of the risks involved). Thank you so much for your time.
-Dan |
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smckaybiz
Community Expert
Joined: 24 Apr 2008
Posts: 195
Location: PA
10.64 Dollars($)
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vh_dan
Joined: 17 May 2009
Posts: 2
2.40 Dollars($)
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