Posted on: 10th Mar, 2009 07:46 am
I am looking to get an FHA loan with my brother as being the co signer. Combined we make decent money but my brothers credit is bad with a repo. As on part my credit is ok 600-620 and im paying off my bills. Question is do both the borrower and co borrower need to have scores over 620 to qualify? From what ive heard they will combine ur monthly income and take the best credit score for the loan?
well, of course, you know the answer now, but that's okay...for the edification of all the others who'll read this: the lower of the borrowers' middle scores is always the score used. remember, "always."
Hi george! Yes i understand that part, But can my brother still be a co signer with a score of about 480? but his income is really good. I need him on the loan more as an additional income for the loan.
not unless you have a magic wand that will turn that 480 into 620 right away.
Haha i will have to check my closet. Well i will just have to use my aunt then. She did have a BK about 2 years ago will this be a problem?
oh Lord...yes, that's a problem too - at least potentially. she'd need to provide a stellar explanation, and "about" 2 years ago would have to be more than 2, depehding on whether it was chapter 7 or 13.
Yes i will get that information to you george asap. She has really good credit now as she has been responsible paid all her bills on time. I will check with her and let you know if its 7 or 13. Thanks george.