 I bought a house almost one year ago, What is equity? |
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 No credit - wanting to buy a home? |
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<... |
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How much house can I afford if...
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http://homes.point2.com/
and my fav
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Additional Details
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Additional Details
LOL-... |
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kush_smoka | Is a cosigner frowned upon for a mortgage? |
Last time I looked at my credit score it was in the mid-high 500's. Both my parents and inlaws have offered to cosign for a home loan and both have stellar credit.
A friend who used to work in the mortgage biz told me that cosigners are frowned upon because of all the shakeups in the finance industry right now.
I am better working on fixing my credit, getting a cosigner, or both? |
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mazziatplay
 |
There are no "co-signers" on mortgage loans. There are only "co-borrowers" who are equal in responsiblity for repayment of the debt.
They would be considered what is called in the industry parlance "non-occupant co-borrowers" and will be of no value to you at all on a conventional loan since the investor will be looking at you as the primary party and your scores are what they will use.
FHA allows non-occupant co-borrowers and is not score driven, although credit is a consideration.
I cannot highly enough reccomend you meet with a mortgage banker and have them review and explain all of your options to you and your prosective co-borrowers so that all of you understand the ramificatoins. |
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Dr. Deth
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If your credit is bad, there's a reason and you need to fix that reason. If the co-sign and you mess up and fall behind in payments - it's their credit records that will take the bigger hit, so get your credit fixed - clean up debt and save money |
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fluke
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not at all. |
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Angie
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It's not frowned upon..and whoever told you that is lame b/c im sure they've had a cosigner for somethng in their life!
Do BOTH..work on your credit yes..and you'll be the primary signer and this reflects mostly you..a cosigner is nice to have kind of as a reinforcement of getting approved..PLUS they may make more than you, have a better credit score, or even have differents KINDS of credit (cards, retail, revolving..etc.) which you may not, so this will help your chances of having a lower payment due to a lower interest all around. Improving your credit will take time, as it takes time for the credit bureau to update your info. **Advice..if you have any "negative" impact on your credit from years and years ago..then try to fight it! (not many people know this) - Pull your credit through one or all if you can of the bureaus..(unless you already have b/c you're entitled annually for a free credit report)
Your right is that you can fight anything neg on your credit simply by writing a letter to the credit bureau. This is the fun part..if they CANT find document, or they dont respond in finding it within 30 days (whether the neg impact was your fault or whatever) they have to erase it from your credit period. Chances are better for things years ago..maybe an account went to collection?.etc. It just takes a little work, but it's worth a shot as this is only CREDIT..its not like a criminal record. If things are negative on your credit from 7-10 years ago and you STILL see it listed negatively on your credit..that can be removed as well. Read it up if your bored, as this is a great way to start fresh again by removing past crap. Doesnt hurt to try..
Free annual credit report, you pick which bureau:
https://www.annualcreditreport.com/cra/index.jsp
Dispute what's on your credit correctly:
http://www.credit.com/life_stages/buying_house/Correcting-Your-Credit-Report.jsp
p.s. love the kush ;-) |
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Dana Blanco
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co-signer or not they will still look at base it on your credit. You should bring up your score and have a decent down payment. |
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Alterfemego
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You would be better off long term to work on repairing your credit history and improving your score. You're not far from having a pretty good score, but over 600 is better. As for cosigner's, I dont' recommend it. Only because you are the one who needs to credit history. |
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Mybal Zitch
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Work on your credit and then try to get one yourself. Having family cosign is a good way to lose your family. Believe me, nothing breaks a family apart better than money issues. Cosigning anyone's loan is just a stupid idea. |
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J P
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Do both. Having the mortgage (assuming you pay it on time) will help your credit. It will also give you equity that will help you grow financially in the future.
The worst thing that can happen by trying with a cosigner is someone says no they won't give you a loan. The best thing, is you have your own house, it makes you lots of money (by appreciating in value) and also helps you fix your credit.
People get cosigners for mortgage loans all the time. I don't know where your friend came up with that information, but it's not accurate in my experience.
That said, I wouldn't cosign on someone else's loan, personally. It's generally not a good idea to mix business (such as a loan) with family or friends. Money is the most common factor in family and friendship troubles. |
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