Posted on: 02nd Nov, 2010 07:11 pm
I have a bankruptcy and want to buy a house. My credit is poor but my mother has excellent credit. Could my mother co-sign with me to qualify me for a mortgage.
Hi cuteshafer ,
Welcome to mortgage fit,
Lenders do provide mortgage to those who have bad credit but at a reasonably high interest rate.So you may get the loan but your mother should be able to prove her income for the last 2 yrs.If she is salaried then lender will also go through 'how many years are left for her retirement'?
Just having a good credit score is not the only criteria to get the loan....Income proof as well as age is also a determining factor to get approval for the loan.
Surely you can co-sign the mortgage with your mom,as mom being a principle debt holder and you being a secondary....
Feel free to ask any further query if you have..........
DIPA
Welcome to mortgage fit,
Lenders do provide mortgage to those who have bad credit but at a reasonably high interest rate.So you may get the loan but your mother should be able to prove her income for the last 2 yrs.If she is salaried then lender will also go through 'how many years are left for her retirement'?
Just having a good credit score is not the only criteria to get the loan....Income proof as well as age is also a determining factor to get approval for the loan.
Surely you can co-sign the mortgage with your mom,as mom being a principle debt holder and you being a secondary....
Feel free to ask any further query if you have..........
DIPA