My husband and I have sub 620 credit scores, would a co-signer with excellent credit help us to get a fha loan?

lb2009 · Joined: 30 Oct 2009 Posts: 1 1.40 Dollars($)

We currently own a very expensive home with high mortgage payments and are selling it to get into a better financial position. If we downsize quite a bit and buy a much lower priced home with a house payment comparable to renting, we would rather do that than to waste the money on rent. Is it possible to buy a house with sub 620 scores if we have a co-signer with excellent credit?

Thanks,
LB

gmakerley · Posted: Fri Oct 30, 2009 1:47 pm Post subject:

scarbel, there are apparently quite a few lenders who will consider your case without the need for a cosigner. i've seen, just today, a post from a lender (don't remember who) indicating scores as low as 500 are acceptable.

it would seem that by downsizing, you'd be setting yourselves up for success rather than failure, so i should think you'd find someone who can help you with this.

Guest

I agree! Taking control of your situation is the best thing to do! You should live in your home not for your home and yes there are a few options out there for sub 620 fico's. Good luck with your process!

N. Peter
Voyage home loans

Guest

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raymond · Posted: Sat Oct 31, 2009 9:46 am Post subject:

Getting a loan with a FICO lower then 620 means higher interest rates and loan fees. I suggest, if you can, sell the house and rent for a little while while you're looking for your new place. After the house is sold, use some of your profit to eliminate unsecured debt. That'll result in a wonderful boost to your FICO scores, enabling you to receive the lowest interest rates and loan fees, without a co-signer.

Several years ago my ex-wife had a 524 FICO, refinanced her condo with a FHA-insured mortgage, paid off all her credit cards and car with some of the cash out, and 30 days later her FICO was 622.

tfaulhaber · Joined: 14 Sep 2009 Posts: 9 2.38 Dollars($)

Scarbel,
Email me or give me a call. I can lend down to a 550 credit score through my Portfolio FHA product on purchase transactiions.

gmakerley · Posted: Sat Oct 31, 2009 4:22 pm Post subject:

ted that's a specific request for business that is far better handled by way of a private message or a quick message to the original poster.

it'd be nice to eliminate solicitations entirely, which clearly is hard to do; and advertising as well, but if we can keep the solicitations a little more private, that's going to be a benefit to the site altogether. thanks.

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