Posted on: 29th Jul, 2009 08:34 pm
My boyfriend and I don't qualify for a home loan. My boyfriends credit score is around 560, and makes $55,000 yrly salary. We were recently turned down, which really didn't surprise us. My father has offered to co-sign, but there's one problem, he's been (laid-off) unemployed for over a year and a half. He has perfect credit, don't know his exact credit score, but believe me its high and almost perfect for atleast 15 years. Do you think we could still be approved for a loan under these circumstances? Please help( Thank you ahead of time for your opinion/advice)
kdfuentes84
Welcome to the forum
Co-signign will provide the combined income, which ultimately show that you comined together have the ability to make payment on the loan.
It will help if one person has bad credit and other person has a good credit.
Credit report and score are tied to a person.
In your situation your fahter donot have any income, which makes it much more difficult for the lender to approve your loan
At this point you would be better off working on improving your credit score
You will need atleast 620 to qualify for a FHA loan
Good luck and feel free to ask
Welcome to the forum
Co-signign will provide the combined income, which ultimately show that you comined together have the ability to make payment on the loan.
It will help if one person has bad credit and other person has a good credit.
Credit report and score are tied to a person.
In your situation your fahter donot have any income, which makes it much more difficult for the lender to approve your loan
At this point you would be better off working on improving your credit score
You will need atleast 620 to qualify for a FHA loan
Good luck and feel free to ask
it will be difficult for you to get approved for a loan as one co-borrower has bad credit and one co-borrower don't have any income... you should work on improving your credit score...
Recommend you get married first, then try and buy a home together. :oops: