Posted on: 23rd Apr, 2010 07:31 am
I have a low credit score of like 575 or maybe even a little less and the banker said I would need a co signer, my mom has excellent credit of like 750 will she be able to help me out? The loan is for around 155,000. I only only make around 27,000 a year and my mom makes around 31,000 a year. She also has a mortgage of her own and her payments are about 1100 a month and I know she has never paid late on any of her credit cards or anything like that. I just need to know if there is any hope for me? I live in MN and for some reason my banker said it might work with a cosignor but he was not sure. Why wouldn't he know?
Actually I just found out that my credit score is a 605 with really nothing on it I think I have had 2 credit cards and a cable bill in my name at one point but now they are all closed.
If you check out my response to you at the link below, you'll see why the loan officer is skeptical, or hesitant to suggest that a cosigner will work for you. Too much is dependent on the information that is received from and about a cosigner for anyone to give you an instantaneous yes or no response.
http://www.mortgagefit.com/fha/cosigner-loan-13.html
http://www.mortgagefit.com/fha/cosigner-loan-13.html
