Posted on: 23rd Aug, 2010 10:11 am
My grandmother would like to help me purchase a home but I have a recent foreclosure. If she is my co-borrower, would we be able to quaify? Her credit is perfect and mine was perfect other than the foreclosure. Her income is weak but I have great income/employment, and we are able to put 20% down.
Hi jessirome!
Welcome to forums!
You won't be able to qualify for a loan immediately after a foreclosure. You should have to wait for 3-4 years after a foreclosure and then you can apply for a new mortgage to buy another property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You won't be able to qualify for a loan immediately after a foreclosure. You should have to wait for 3-4 years after a foreclosure and then you can apply for a new mortgage to buy another property.
Feel free to ask if you've further queries.
Sussane
Hi yes atleast wait 2 years to rebuild your credit before trying to get another mortgage.