Can you use a cosigner to qualify for an FHA loan?

you said if there is a judgement on your credit report you will not get approved for the mortgage. Is this always the case? the mortgage lender I am working with told me to work with the collection company on this, and then we will see where we are at. Does it sound like stalling? or can working with the collector make my loan approvable. If so what would have to happen as far as working with them to make this possible.

To KSM,

You can contact an attorney and he will help you in proving that you have a "long-standing, substantial relationship" with your co-borrower.

To gogoblu,

As far as I know, lenders generally do not give a mortgage if there is a judgment mentioned in your credit report. However, things may vary from one lender to another.

680 credit score co-signor 1 yr old ch-13 2 1/2yr old foreclosure can i qualify

Hi fredddiiiii!

Welcome to forums!

With so many negative items on your credit report and a low credit score of 680, it would be quite difficult for you to get qualified for a loan. You should wait for 3-4 years after a foreclosure and then apply for a mortgage.

Feel free to ask if you've further queries.

Sussane

Hey everyone,

I am looking to purchase my first home and I think I am running into issues. I have not talked to an underwriter yet, and I would like to get some professional opinions. Here is my situation.

I have some collections on my credit report that has my FICO score at 563. Since pulling my credit, I have paid off ALL of these collections. I have also opened a secured loan with a local credit union that has been strong and on time for over 8 months (which has shown on my credit report). I also recently opened up a secured credit card with Capital One. I know that paying off my debts won't improve my score but I think it's needed to close on a home.

Here are my questions:

How can I get my score above or to 620 to qualify for an FHA loan?
Will lenders (or credit union) even consider me with an 563 with my debts paid completely off?
Do I have to have 3 lines of open credit that is in good standing to qualify for an FHA loan.

I am looking for a home (which I have found) that is $149,000 and I am self employed making $42,000 a year. I have my tax returns for the last three years, plus the down payment of 3.5%. I am ready to move, it's my credit score that is keeping me from my house.

I need quick advise.

Thanks,
Corey

Welcome Coreyhaggard,

Paying off the debts will definitely have a positive affect on your credit report. You can check out the given page in order to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html

However, unless you have a credit score of 620, lenders will not be ready to give you a FHA loan. I haven't heard that it is mandatory to open 3 lines of credit in order to get a FHA loan.

am looking for how to get aproved for loan to get a home am first time buyer have in home buissnes one lender said i had to have two years profit i just have last years profit and it was realy good my credit is just about cleard up this lender wants me to get a cosigner or a coborrower my wife an i are trying to do this on are own my quistion is is there some other way to get qualified with out getting someone else like family members to help out thank you very much rjr

Hi rjr,

I guess that the lender is asking for a cosigner because you are unable to show 2 years of employment history. If your wife has 2 years of employment history, then she will be able to cosign for the loan. Thus, you won't have to take the help of any other cosigner.

Thanks,

Jerry

jerry thank you what im looking for is im out of work and ran out of unemployment my thing is my wife is the only income she works out of are lease home she has her own buisnees she had a good profit last year and no profit the year befor that is when the lender wants us to get cosigner he said she had to show two years profit my thing is she is doing well on her buisness how can we get around this with out a cosigner or help from family is ther some other way or do we have to wait tell next year we just cleaned up are credit also thank you all for all your help rjr are lease is over in a few months the owner wants a short sale that is why we are trying to buy this home here thanks again

Hi rjr,

As far as I can understand your situation, you will either have to go for a cosigner or you should wait for a year and clean your credit in order to get a mortgage.

Thanks

if my wife and I have credit scores of over 725 but our debt to income is at 47 can my parents who have excellent credit and plenty of funds cosign so we can buy a home??

Welcome nemo,

I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/loantalk/cosign-parents.html

Take a look at it. Hope it helps you.

i do not work and my boyfriend owns his own business so we applied for an fha loan. my boyfriend's sister agreed to co-sign which would put her name on the mortgage but not on the deed. the mortgage company insists on making her a co-borrower and in fha world means her name will appear on the mortgage and deed. after closing, is possible to remove his sister's name from the deed using a quit claim deed (but leaving her name on the mortgage)? thanks

the sister can sign a quit claim deed and remove her name from the property deed. however, in that case, the fha lender may want your boyfriend to refinance the loan immediately and remove the sister from the mortgage docs.

Myself and my wife a having credit issues. My inlaws have offered to cosign for us but both of them have been recently placed on disability. They do have outstanding credit and my income I believe is sufficent. Can they still cosign for us?