Posted on: 30th Apr, 2009 03:37 am
My husband and I were prequalified by a lender and made an offer on a house, did all the inspections and submitted all of our paperwork to get the loan in order. However, something just posted to my credit that dropped me just under the 620 and I fear we will lose the financing. My husband and both of our parents have excellent credit. Could we overcome my credit issue by using one of them as a co-signer?
tizzyliz you would have to come off the loan, but assuming you are seeking an fha loan, a parent would be acceptable as a cosigner.
There are still lenders remaining that will lend if your score is below 620, yet above 580. There may be a higher rate associated with this program, but you will not require anyone elses help. I hope this helps...
Hi 620 is the min score but just falling a few points short of that in my opinion will not effect the loan itself. But yes correct having a co signer with good credit will always help on getting loans.
