Posted on: 06th Sep, 2009 12:37 pm
Hello me and my husband want to buy a home our credit sucks but we have a cosigner with a credit score of 650 with good employment history. Would she be able to co sign for us for a FHA loan? Also my husband has VA loan certificate could we use co signer with VA?His credit score is 534 with judgments. my credit score is 588 i just started a new job but i do have past work history so will i be able to get a FHA loan or VA with my co signer.
No, adding a co-signer does not help a poor credit score situation. The banks will use the lowest score between all borrowers on the loan application (including the co-signer).
The co-signer helps when you need additional income and/or assets to qualify.
The co-signer helps when you need additional income and/or assets to qualify.
Hi pware,
Welcome to our forum.
"adding a co-signer does not help a poor credit score situation."
I am strongly agree with eric for this point.
Thanks & regards.
gunz.ijjistaff
Welcome to our forum.
"adding a co-signer does not help a poor credit score situation."
I am strongly agree with eric for this point.
Thanks & regards.
gunz.ijjistaff
at this point in the market, a 588 mid score will not qualify you. You will need at least a 620 mid score for an FHA. With this in mind, you can add the cosigner at that point... using the FHA Non Occupying Co Borrower program.
Best of luck!
Best of luck!
